Pennon Group PLC to Discuss the Acquisition of SES Water Call Transcript
Thank you very much, Alex. And good morning to everybody. Thank you for your time this morning. I'm pleased to announce that acquisition of Sutton and East Surrey Water alongside the acquisition and equity raise, which we are undertaking this morning. And that equity raise is that to ensure that the gearing levels for the [water group] remain within our well-established 55% to 65% gearing range.
In terms of Sutton and East Surrey Water, it is quality assets. It's a well performing water-only company, serving around about [0.75 million] customers and partners in Surrey, Kent, West Sussex, and South London. The acquisition follows Pennon's twin track strategy of acquisitive and organic growth, and this will increase the proportion of water and the assets in the business.
So East Surrey has robust operation and is a top performer for water policy, leakage and supply interruptions, and all the measures you would expect from a water company. In terms of scale of the acquisition, it represents around about 7% at the current water business as
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