Viridor to be sold to Planets UK

Written by: Maddie Ballard | Published:
Viridor's sale will bring in £4.2b

Pennon Group is set to sell Viridor to Planets UK Bidco, a newly formed company established by funds advised by Kohlberg Kravis Roberts (KKR).

Pennon will bring in £4.2b from the sale, which is expected to complete this summer provided it is approved by Pennon shareholders and the European Commission, and meets certain other conditions.

The net cash proceeds will be used to reduce Pennon’s company borrowings and make a return to shareholders.

Some funds will also be retained for future opportunities.

Chris Loughlin, chief executive at Pennon, said: “Following a detailed review of the Group’s strategic options, we are pleased to announce the proposed sale of Viridor for an Enterprise Value of £4.2 billion.

“The transaction is great news for shareholders as it recognises the strategic value that Pennon has developed and nurtured in Viridor over many years and accelerates the realisation of that value for shareholders.

“On completion of the transaction, Pennon will continue to focus on its sector leading water and wastewater businesses and will consider further growth opportunities that create value for customers, employees, and shareholders.”

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