Thames Water

A consortium of creditors, known as London & Valley Water (L&VW) and including prominent firms like Apollo Global Management and Elliott Management, has put forward a comprehensive rescue proposal for Thames Water, the UK's largest water utility.

Summary of transaction details:

• Value: The proposal includes injecting £3.35 billion of fresh equity and securing £6.25 billion in new borrowing, while also writing off £9.6 billion of existing debt.
• Sector: Industrials & Energy (Utilities)
• Advisor: No financial advisor mentioned for the transaction itself; Pallas Partners instructed for legal options.
• Key Entities: Target: Thames Water; Acquirer/Investor: London & Valley Water (L&VW) consortium (Apollo Global Management, Elliott Management, Farallon Capital Management, Silver Point Capital).
• Location: United Kingdom (Thames Water operates in London and the Thames Valley).

Note: This distressed acquisition proposal aims to stabilize Thames Water's financial position, secure its long-term future, and ultimately return it to private ownership following a period of creditor control, amidst ongoing discussions with the incoming government regarding public versus private sector solutions.