KKR Quit Thames Bid After It Saw Limited Upside to a Rescue Plan
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KKR & Co. withdrew its bid to invest £4 billion ($5.4 billion) in Thames Water when the US infrastructure giant realized there was little upside to a deal, according to people familiar with the deliberations.
KKR quit its offer Tuesday as the crisis engulfing the UK utility made a profitable overhaul extremely challenging, the people said, asking not to be identified discussing confidential information. It couldn't see a clear way of expanding or upgrading Thames' asset base, and deemed performance targets set by the regulator as unreachable, they said.
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