Leading global investment firm KKR, current owner of South Staffs Water and Cambridge Water , has agreed the sale of a 25% stake in holding group South Staffordshire Plc to Mitsubishi Corporation.
Mitsubishi Corporation has described the deal as marking its first step into the European regulated infrastructure market.
South Staffordshire Water Plc is the statutory supplier of water in South Staffordshire and Cambridge in the UK, as well as several entities which provide non-regulated water-related services throughout the country.
.The non-regulated businesses, including Echo Managed Services and SSI Services, have expanded their services across the UK.
Commenting on the deal, Jesús Olmos, Chairman of South Staffordshire Plc and Head of European Infrastructure at KKR, said:
“KKR has built a strong track record of investing in infrastructure, including in water supply and distribution."
"South Staffordshire Plc has established a reputation of providing excellent quality water, through a secure and reliable supply, with high levels of customer service, fair pricing and environmentally sustainable operations. We look forward to the partnership with the Mitsubishi Corporation to support South Staffordshire Plc and its management in maintaining its reputation as a first-class operator.”
Masaji Santo, Senior Vice President, Division COO, at Mitsubishi Corporation, said the investment opportunity marked Mitsubishi’s first step into the European regulated infrastructure market.
“We view it as an attractive investment into a well-established regulatory environment with a highly reputable investor KKR. UK’s regulated water sector is regarded as the world’s most advanced water privatization model and we believe our participation in SSW’s operations will enhance MC’s presence in the rapidly growing global water market.”
In addition, South Staffordshire Plc is uniquely characterized by its strong non-regulated business arms, for which Mitsubishi would create synergies with its existing water business assets, he added.
In a statement, Mitsubishi Corporation said:
“Through the dispatch of Director and staff to South Staffordshire, MC will draw on the experiences gained from its existing water-related businesses and its relationships with affiliates and partners to contribute to improving the services provided by South Staffordshire as well as to cost reduction and business development.”
“The acquisition of a stake in South Staffordshire will allow MC to reinforce its water and sewage business by accumulating experiences and know-how in the UK, where water sector privatization is regarded globally as a model of success.”
The proposed transaction through which Mitsubishi will indirectly acquire 25% of South Staffordshire Plc’s shares, is subject to customary approvals. No financial terms have been disclosed.
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