FTSE 250 company Pennon Group Plc has today announced that it has acquired Bournemouth Water from Singapore-based SembCorp for a cash consideration of £100.3million.
The acquisition, which will automatically be referred to the Competition and Markets Authority, will help Exeter-based Pennon Group prepare for changes in the water industry, developing more effective and efficient wholesale operations and retail services in preparation for reform of the non-household retail market from 2017.
Pennon Group Plc is an environmental utility infrastructure company which owns South West Water Limited and Viridor Limited. The Group has assets of around £5 billion and a workforce of around 4,500 people.
Chris Loughlin, Pennon Group Board Director and Chief Executive of South West Water, said:
"Bournemouth Water has a proud pedigree and high service standards. Like South West Water, it operates in a varied rural and urban landscape, with an economy reliant on tourism and the natural environment. We look forward to building on its strengths and continuing to deliver high quality customer services with some of the lowest bills in the industry."
Bob Taylor, Managing Director of Bournemouth Water, added:
“We welcome the acquisition by the Pennon Group and look forward to the opportunities this will bring.”
Sembcorp Bournemouth Water’s 2015-20 business plan remains unaffected by today's acquisition. Household bills, which reduced by over 11 per cent on average this year, and investment in service improvements will continue to be delivered as agreed with Ofwat.
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