Southern Water/Greensands
Water Deal of the Year
What is it?
The Greensands consortium (JPMorgan (32%), Challenger Infrastructure Fund (27%), Access Capital Advisers (18%), UBS (18%) et al.) bought Southern Water for £4.195 billion from RBS in early October 2007.
Who is responsible?
Greensands was advised by Allen & Overy
Why is it shortlisted?
- Priced at a 27% premium to Southern Water's projected regulatory capital value, the Greensands offer showed stunning audacity and a long-term vision for value in the water business.
- The Greensands team deserves the industry's respect for the way in which they maintained their focus on the quality of the asset despite the worsening credit market.
- Southern Water, coping with a rising population and diminishing water availability, has one of the most challenging investment programmes of all of the English water companies.