Leverage to remain low at Northumbrian

CKI’s £4.8 billion public-to-private bid for Northumbrian Water is unlikely to raise leverage at the operating company. The change of control may trigger some debt refinancing.

 The Cheung Kong Infrastructureled consortium that made a £4.8 billion recommended offer for Northumbrian Water at the beginning of August will buck the recent acquisition trend in the sector and avoid a highly geared financing structure.

Whereas the last four big takeovers in the industry – Anglian, Thames, Southern, and Kelda – have all been led by infrastructure...

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