M&A: Green light for water mergers?
Water industry executives and investors have been digesting last month's Competition Commission report on the merger of South East Water (SEW) and Mid Kent Water (MKW). The transaction is the first merger of water companies to have been reviewed since 2002. It is also the first time the Commission has looked at a water merger under the Enterprise Act 2002, meaning that this is the first case in which it has had the power to make the final decision and to impose remedies. In light of the high levels of corporate activity that have recently taken place in the water industry (and with speculation of future deals rife), the transaction has been eagerly anticipated as something of a test case for future deals.
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