Completion of Sale to Pennon Group PLC
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
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LEI Number: 8945002Z0AYSPBV79034.
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