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Allen & Overy advising Macquarie on its acquisition of a majority stake in Southern Water

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Richard Evans

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12 August 2021

Allen & Overy is advising Macquarie Infrastructure and Real Assets on the acquisition of a majority stake in Southern Water Services Limited (‘Southern Water’) by Macquarie Asset Management (Macquarie). The deal will see Macquarie invest, on behalf of long-term investors, over GBP1 billion in new equity to recapitalise Southern Water and implement a more sustainable financing strategy for the business.

The capital injection will enable Southern Water to invest significantly to upgrade its network with GBP2 billion to be invested over the next four years of the current regulatory period to fix the pipes, pumping stations, and sewers to prevent underperformance and harm being caused to the local environment.

Southern Water provides essential services to 2.6 million water and 4.7 million wastewater customers in the UK across Kent, Sussex, Hampshire, and the Isle of Wight. Meanwhile, Macquarie is one of the largest investors in the UK, having invested and arranged more than GBP50 billion in infrastructure projects since 2005.

The Allen & Overy team is led by infrastructure partner Richard Evans, counsel Jan Skuhravy and associate Cathy Gilmartin.