South West Water owner, Pennon Group has announced that it has acquired Bristol Water for £425 million.
The acquisition means that the Pennon Group will add around 1.2 million customers to its portfolio.
Commenting on the Acquisition, Susan Davy, Group Chief Executive said ‘The acquisition of Bristol Water brings great people and a great business to Pennon and I am hugely excited about building a future together. We see attractive opportunities to continue to invest in the Bristol Water business to deliver enhanced resilience and water security to benefit customers in Bristol and beyond. This latest acquisition, building on a strong heritage and history, firmly cements Pennon as one of the leading UK water and waste water companies.”
“Additionally, we have demonstrated our credentials as a responsible business, reducing debt levels, increasing pension contributions, and further supporting the Green Recovery for the much-needed regeneration of our region.”