United Utilities and Severn Trent have confirmed that all conditions relating to their joint venture, Water Plus, have been satisfied - the transaction was completed yesterday.
The joint venture, initially announced on 1 March 2016, will combine United Utilities and Severn Trent’s non-household water and wastewater retail businesses, principally comprising billing and customer service activities, into one business. Operations will be progressively transferred to a new head office located in Stoke-on-Trent over the course of this year. Competition and Markets Authority (CMA) approval was granted on 3 May.
A statement announcing the deal said both companies have strong track records in operating and growing successful non-household retail services in Scotland. Bringing their businesses together would create a JV with the synergies to provide an efficient and cost-effective operation focussed on improved customer service and growth.
“With the non-household retail market in England opening for competition in 2017, Water Plus will combine the complementary skills of both companies, including sales, customer service, business strategy and credit management, to deliver an attractive proposition for large and small business customers across England and Scotland,” the statement says.
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