Thames Water has chosen KKR & Co. to proceed to the next phase of its equity process as the preferred partner. The company is seeking a new owner to support its turnaround plan after current shareholders determined the business was difficult to invest in. KKR, along with Castle Water Ltd., had shown interest in investing in Thames Water as reported by Bloomberg. Thames reported that KKR’s proposal indicates a significant impact on the Class A debt. Discussions are ongoing regarding other aspects of the proposal.

The company emphasized its commitment to stabilizing Thames Water's financial situation and executing its turnaround strategy. The target is to finalize transaction terms by the second quarter of 2025, with plans for a recapitalization in the latter half of the year.