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March 19, 2020updated 24 Mar 2020 4:31pm

Planets UK Bidsco acquires Pennon subsidiary Viridor for £4.2bn

British infrastructure group The Pennon Group is selling recycling, renewable energy and waste-management business Viridor to Planets UK Bidsco for £4.2bn.

By Jessica Paige

British infrastructure group The Pennon Group is selling recycling, renewable energy and waste-management business Viridor to Planets UK Bidsco for £4.2bn.

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Planets UK Bidco is a new company established under the advisement of global investment firm Kohlberg Kravis Roberts (KKR)

The transaction will be carried out cash-free and debt-free. It is conditional on Pennon shareholders’ approval.

The net cash proceeds are expected to be at approximately £3.7bn upon completion due to current Viridor account debts and customary costs.

The Pennon Group intends to use the proceeds to reduce company borrowings, including those taken from shareholders. The rest of the funds will be kept for future opportunities.

The transaction is expected to be completed by this coming summer.

Pennon chief executive Chris Loughlin 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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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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