KKR Backs Out of £4 Billion Thames Water Deal

KKR & Co. Inc. (NYSE:KKR) has backed out of the Thames Water equity raising, the U.K.-based utility company confirmed on Tuesday. The private equity giant mentioned its inability to proceed further, effectively ending its status as the preferred partner.

Right after the withdrawal of KKR & Co. Inc. (NYSE:KKR), Thames Water is now pursuing discussions on the senior creditors’ plan with Ofwat, a government body aimed at the economic regulation of the privatized water and sewerage sectors, among other stakeholders. Drowning under a heavy debt load of £20 billion, the struggling water company was set to be acquired by KKR for a £4 billion stake.

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“Whilst today’s news is disappointing, we continue to believe that a sustainable recapitalization of the company is in the best interests of all stakeholders and continue to work with our creditors and stakeholders to achieve that goal,” cited chair of Thames Water, Adrian Montague.

In a recent development, KKR & Co. Inc. (NYSE:KKR) extended $600M financing for India’s Manipal Education and Medical Group. This enables the latter to advance its corporate expansion and strategic objectives by offering structured capital in sync with its long-term goals.

KKR & Co. Inc. (NYSE:KKR) is a leading global private equity and investment firm with a market capitalization of $112.755 billion. The investment powerhouse serves a wide clientele, investing in private equity and capital markets as well as infrastructure, energy, utility, and healthcare. With a mission to deliver strong returns, the firm invests in people, companies, and communities.

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