EQT acquires joint control of Yorkshire Water at a discount to its regulated asset base
Type: Acquisition · Technology: Water Waste · Country: United Kingdom · Value: $9.4B · Announced: 2026-07-30
EQT bought a material stake in Yorkshire Water, securing joint control of the utility for an estimated GBP 9.4 billion, roughly 90% of its regulated capital value. The transaction transferred ownership from Deutsche Bank's asset management business, which previously held the stake in the parent company Kelda Holdings. Yorkshire Water serves about 5.7 million customers across northern England and faced a £600 million shareholder loan repayment, which EQT agreed to help fund. The discounted price reflects heightened investor caution after financial strains at Thames Water and increased regulatory scrutiny over environmental performance. By acquiring the stake, EQT positions itself in a regulated water infrastructure asset with inflation‑linked cash flows, while the deal underscores the sector's shifting valuation dynamics.
Counterparties
- Deutsche Bank (Seller)
- Kelda Holdings (Parent Company)
- EQT (Buyer)
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