Thames Water names US private equity group KKR as preferred bidder

KKR expected to acquire stake worth 4bn as UK's biggest water supplier tries to stave off nationalisation

Thames Water has picked the US investment firm KKR to take a stake in the business, as the embattled water company fights to stave off nationalisation.

The UK's biggest water supplier, which is struggling under a debt pile of close to 20bn, said it had selected KKR as a preferred partner" as it seeks to secure fresh equity funding for its operations by the end of June. The New York-based private equity firm is expected to acquire a stake in Thames worth 4bn.