Rift Acquisitions, the entity formed by the two firms via their Infracapital partnership, has acquired 90 per cent of the water firm for £1.2 billion, which Veolia Environnement will use to pay down debt.
Veolia Environnement retains the remaining 10 per cent stake in Veolia Water Central, East and Southeast. It has also kept the commercial outsourcing business and Veolia Water Solutions & Technologies. Veolia Water Outsourcing has a turnover of £400 million and employs around 1,000 people.