The owner of South West Water has bought out rival Sutton and East Surrey Water (SES) for £380 million and will also take on their £291 million in debts.
Pennon who owns South West Water will pay £89 million for Sumisho Osaka Gas Water UK Limited, who are the parent company for SES Water who have more than 750,000 customers.
FTSE 250 listed Pennon said they will “enhance SES Water’s financial resilience and better position the business to serve its customers and all stakeholders.”
Susan Davy, group chief executive of Pennon said, “We are able to invest in SES Water’s resources infrastructure, environment and people thanks to our strong financial performance and long-term UK shareholder base, delivering a seamless transition for SES Water’s customers while also providing a more robust and reliable service in the medium term.”
