Pennon said to be planning sale of Viridor

13th Jan 2020 09:01

(Sharecast News) - Shares of South West Water owner Pennon surged on Monday following reports that it was preparing to sell off its Viridor waste management business after a bid from US private equity firm KKR.
According to the Sunday Telegraph, the £4bn KKR bid was made in early 2019 and subsequently rejected. It was understood that investment bankers from Morgan Stanley and Barclays have now been appointed to sell Viridor.

Advisers were said to be in the process of formally kicking off the auction, having only taken informal soundings from prospective bidders to date.

At 0900 GMT, Pennon shares were up 8.5% at 1,093.50p.