Thames Water Chooses KKR as Preferred Partner for Recapitalization

Dow Jones

Mar 31, 2025

By Adam Whittaker

Thames Water said that it selected U.S. private equity company KKR as its preferred partner to lead its recapitalization.

The debt-laden English water company said Monday that it aims to agree on terms in the second quarter before completing its recapitalization in the second half of the year.

The utility company said it chose KKR after a detailed assessment of all the proposals it received but said there is no certainty a binding equity proposal will be agreed on.

Any agreement is dependent on due diligence and regulatory approvals, and unnamed senior creditors continue parallel discussions on recapitalization options, the company said.

Thames Water said KKR's proposal includes financial metrics that indicate a material impairment of its Class A debt.

It has entered into phase two of the diligence process and said discussions on the proposals continue.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

March 31, 2025 03:00 ET (07:00 GMT)

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