Thames Water in takeover talks with six suitors
By Michele Maatouk
Date: Tuesday 18 Mar 2025
(Sharecast News) - Thames Water said on Tuesday that it has received takeover offers from six potential suitors and that talks with relevant parties are ongoing.
While talks are being held, the water company's appeal to the Competition and Markets Authority to raise bills further has been deferred.
Thames Water received the takeover proposals in response to the equity raise process launched in summer 2024. Since then, it has been conducting a detailed assessment of each proposal, it said.
"The company continues to target having agreed transaction terms in the second quarter of 2025, with a view to completing a recapitalisation in the third quarter of 2025," it said.
Thames Water said the proposals involve a range of potential valuations, structures and outcomes for stakeholders.
"Of the five proposals that provided financial metrics, all except one (from a Class B Creditor and with significant conditions attached) indicated a material impairment of the Class A debt. The sixth proposal was for minority equity, intended to partner with investors, and did not set out financial metrics," it said.
"In certain of the contemplated proposals, relevant creditors would receive - in exchange for debt impairment - certain rights to share in future growth in the value of the company, and/or will have the ability to co-invest in the business."
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10 Lower Thames St,
London EC3R 6EN