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Ashfords LLP led by Brian Farrell and Andy Young has assisted Pennon’s in-house legal team with the acquisition of 100% of the issued share capital of Bristol Water Holdings UK Limited and its subsidiaries, including Bristol Water plc for an equity value of £425 million, and an enterprise value of £814 million including assumed debt.
Brian Farrell, Ashfords Partner, said: “It was great to work with the in-house legal and management teams again on this transaction. Bristol Water has a fantastic team and business and this transaction presents a great opportunity to leverage the companies’ strong heritages and histories, for the further benefit of Bristol Water customers going forward. I wish them every success for the future."
Simon Pugsley, Pennon GC & Company Secretary, said: “This was an exciting deal which I wanted Brian Farrell to lead for me. He has worked with me over many years, including on the sale of Viridor in 2020, and is one of my go-to lawyers for this type of complex strategic legal work. He led the team well, and the outcome – the acquisition of the Bristol Water group – was extremely satisfactory."