REG - Sutton&East Surrey - Completion of Sale to Pennon Group PLC
10/01/2024 08:30
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RNS Number : 2260Z Sutton & East Surrey Water PLC 10 January 2024
10 January 2024
SUTTON AND EAST SURREY WATER PLC
COMPLETION OF SALE TO PENNON GROUP PLC
It is announced that Pennon Group PLC ("Pennon") has today acquired 100% of
the issued share capital of Sumisho Osaka Gas Water UK Limited (Sutton and
East Surrey Water PLC's ("SES Water") 100% parent company) from its indirect
shareholders Sumitomo Corporation and Osaka Gas, who have jointly owned SES
Water since 2013 (the "Acquisition").
Completion of the Acquisition, which is not subject to any conditions, has
already occurred. Accordingly, SES Water has become a wholly-owned subsidiary
of Pennon and a member of the Pennon Group of companies (the "Group"). The
Acquisition is subject to review by the Competition and Markets Authority (the
"CMA"), with input from the Water Services Regulation Authority (Ofwat).
Pennon considers that the Acquisition will create a net benefit for customers
and shareholders and expects to receive a decision from the CMA within its
usual timescales.
Pennon is a FTSE 250 listed UK-focused environmental infrastructure group,
comprising South West Water (incorporating Bristol Water and Bournemouth
Water), Pennon Water Services, Pennon Power and a stake in Water2business. The
Pennon Group, including the SES Water Group, builds on a strong heritage and
history and brings great people and businesses together. The Acquisition will
allow SES Water to continue to deliver a high-quality, resilient service to
750,000 customers in parts of Surrey, Kent, and south London.
Ian Cain, CEO, SES Water said: "Pennon's acquisition will bring new
opportunities to SES Water enabling us to further deliver on our ambitious
plans for the future, whilst continuing to deliver a high-quality service to
our customers. We share many of the same aspirations as Pennon and look
forward to working with them to support our customers, our people, and the
communities that we serve. The ambitious business plan that we have set out
for the next 5 years will remain unchanged and with Pennon's support we
believe we will be in a stronger position to deliver on our goals. I would
like to take this opportunity to thank our out-going shareholders, Sumitomo
Corporation and Osaka Gas for all their support over the last decade."
For further information, please contact Paul Kerr (CFO) at:
Address: 66-74 London Road, Redhill, Surrey RH1 1LJ
Email: Paul.kerr@seswater.co.uk
(mailto:Paul.kerr@seswater.co.uk)
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announcement constitutes an offer of securities for sale in the United States
or any other jurisdiction. This announcement does not constitute a prospectus
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LEI Number: 8945002Z0AYSPBV79034.
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