Pennon Group plc has successfully acquired 100% of the issued capital of Sumisho Osaka Gas Water UK Limited (SOGWUK), the holding company of Sutton and East Surrey Water plc (SES Water) and certain other ancillary businesses. The acquisition, valued at £380 million, was completed for £89 million from Sumitomo Corporation and Osaka Gas. This strategic move is expected to have a significant impact on Pennon Group's operations and market position.
The acquisition aligns with Pennon Group's growth strategy and commitment to expanding its presence in the water and wastewater industry. The addition of SES Water and its ancillary businesses will further strengthen Pennon Group's portfolio and enhance its ability to deliver high-quality water and wastewater services to its customers.
According to Susan Davy, Chief Executive of Pennon Group, "This acquisition is a strong strategic fit for Pennon, aligning with our ambitions to grow and create shareholder value. SES Water is a high-quality water company, with a strong track record of delivering for its customers and the environment."
The acquisition of SES Water represents a significant milestone for Pennon Group, marking a new phase of growth and expansion in the water and wastewater sector. This move is expected to bring about synergies and opportunities for operational efficiencies, ultimately benefiting the company and its stakeholders.
Pennon Group's acquisition of SES Water underscores its commitment to driving growth and delivering value to its shareholders. The company's strategic vision and proactive approach to expansion position it for continued success in the dynamic water and wastewater industry.