Hastings Fund Management, an infrastructure fund owned by the Australian bank, Westpac, has acquired South East Water from Macquarie in a £665.4m secondary buyout deal. Commentators have suggested that Macquarie's timely exit is evidence of its keenness to bid for Thames Water. It has so far been frustrated by regulatory constraints which prevent one company owning two UK water companies.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties