Major stake in Yorkshire Water parent firm acquired by European investor EQT
European investment firm EQT has completed its acquisition of a large stake in Yorkshire Water, purchasing a 42 percent shareholding in the service provider’s parent company, Kelda Holdings Limited.
The move coincides with a string of board changes at Yorkshire Water, with the firm’s chair and three non-executive directors set to stand down later this year.
Speaking on the investment, Kunal Koya of EQT said: “EQT is delighted to invest at a pivotal moment for Yorkshire Water and the wider sector.
“We bring long-term capital and deep infrastructure experience, and together with GIC and TCorp are committed to strengthening the company's financial resilience and supporting the delivery of its investment program which will enable better service for customers and improved environmental performance.”
EQT said it will work in partnership with co-shareholders, GIC and TCorp, to deliver “sustainable operational improvements” for Yorkshire Water customers.
It comes amid Yorkshire Water undertaking what it has described as its "largest ever investment programme,” with the firm set to invest a total of £8.3bn to improve services and upgrade infrastructure in Yorkshire between 2025 and 2030.
The company also plans to hire over 1,000 new employees in the region.
Speaking on the EQT deal, Nicola Shaw, chief executive of Yorkshire Water said: “We are pleased to have EQT on board as we deliver our largest environmental investment programme.
“They are committed to our turnaround plans and our ambition to deliver improved performance for customers and the environment.
“Together with our other shareholders, we are working to strengthen the business, investing for the future and delivering the improvements our customers expect. We look forward to working together to build on this momentum and continue delivering against our plans.”
Yorkshire Water said that ahead of the new ownership arrangements, it had undertaken a review of its board.
Following the review, the firm has announced that Vanda Murray, who has chaired the company since September 2021, will stand down at the end of September 2026.
Independent non-executive directors Wendy Barnes and Nicola Medalova will also stand down at the end of June 2026, and Andrew Wyllie at the end of his full term in August 2026.
The company said new appointments to the board, including the role of chair, have been “identified” and will be “announced in due course”.
Speaking on her departure, Ms Murray said in a statement “It has been a privilege to chair Yorkshire Water through a genuinely transformative period.”