RNS Announcement

BRISTOL WATER PLC

Pennon Group PLC ("Pennon") today agreed to acquire 100% of the issued share capital of Bristol Water Holdings UK Limited and its subsidiaries, including Bristol Water plc (Bristol Water), (together the Bristol Water Group), from its indirect shareholders; (a) infrastructure funds advised by iCON Infrastructure LLP; and (b) ITOCHU Corporation (the "Acquisition").    

Accordingly, by virtue of the Acquisition, Bristol Water has become a wholly owned subsidiary of Pennon and a member of the Pennon Group of companies (the "Group").

Following completion of the Acquisition, Paul Malan and Indradoot Dhar of iCON Infrastructure LLP and Hajime Ichishi of ITOCHU Corporation have today resigned as directors of Bristol Water and the other companies comprised in the Bristol Water Group and Paul Boote, Iain Evans and Neil Cooper have today been appointed as directors of Bristol Water and the other companies in the Bristol Water Group:

The Company's Chairman Keith Ludeman said:

"On behalf of the Board I would like to thank Paul, Indra and Hajime for their support as shareholder representative board members of Bristol Water plc and to welcome Paul, Iain and Neil to the board as directors following the acquisition of the Company by Pennon Group PLC"

The Acquisition is subject to review by the Competition and Markets Authority, with input from the Water Services Regulation Authority (Ofwat).

Pennon is a UK-focused water infrastructure group, comprising South West Water (incorporating Bournemouth Water) and Pennon Water Services.  The Pennon Group, including the Bristol Water Group, builds on a strong heritage and history and brings great people and businesses together.   The Acquisition will allow Bristol Water to continue to deliver enhanced resilience and water security, benefitting its customers in Bristol and beyond.

Dated: 03 June 2021

For further information contact:

Helen Hancock, Company Secretary +44 (0) 7976 731814

LEI Number 549300V0DVQGSADLDB82