Ofwat has launched consultations into the regulatory issues arising from the changes of ownership of Southern Water Services Limited and of South Staffordshire Water plc. Both companies were bought in October last year in unrelated transactions by two separate investment funds.
In October 2007, Greensands Investments Limited completed the acquisition of Southern Water Capital Limited, parent company of Southern Water Services Limited, while Arcapita and its affiliates sold South Staffordshire plc, owners of South Staffordshire Water plc, to the Alinda Infrastructure Fund.
Alinda Infrastructure Fund is managed and controlled by Alinda Capital Partners LLC, a US independent private investment firm specialising in infrastructure assets. Alinda is an unlisted institutional fund with $3 billion in capital commitments and approximately $10 billion in purchasing power which invests in SSW through Hydriades Ltd in the UK. The investors in the Fund, which was set up in 2005 and targets investments in Europe and North America comprise predominantly European and U.S. pension funds, insurance companies, and charitable and university endowments.
Greensands Investments Limited is 100% owned by Greensands Holdings Limited (Greensands) which in turn is owned by a consortium of infrastructure and pension funds –fifteen investors in total.
Although Ofwat as the economic regulator itself has no ability to block acquisitions or mergers of water companies,on any change of ownership it looks to ensure that the new owner is fit and proper to own a regulated water company in the interests of water consumers.
Both consultations invite views on a number of issues regarding the new ownerships, including the capacity of the owners and their investors to own a regulated water company and the implications of the proposed long-term financial structure Respondents have also been invited to comment on any other issues relating to the acquisition which they consider relevant.
Responses to the two consultation papers, which are both available from the Ofwat website, are required to be returned to Ofwat by 4 April.
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