An arm of BlackRock, the world’s largest asset supervisor, is closing in on a takeover of a significant contractor to Thames Water even because the utility teeters getting ready to collapse.
Sky Information has learnt that BlackRock’s personal markets division may strike a deal to amass Lanes Group, which is predicated in Leeds, inside days.
Metropolis insiders stated that BlackRock had seen off competitors from different suitors.
It was unclear on Monday how a lot the asset administration behemoth had agreed to pay for Lanes Group, though Sky Information reported final month that the contractor was valued at as much as £350m.
BlackRock has begun to play an more and more energetic position as a bidder in processes populated by typical personal fairness corporations.
Lanes Group offers wastewater and drainage companies, and generates a major chunk of its revenues from Thames Water alongside different main water utilities.
The business is beneath intense strain from the brand new Labour authorities, business regulator Ofwat and different stakeholders amid public anger over wastage and air pollution ranges.
Thames Water is battling to keep away from short-term nationalisation because it faces operating out of cash inside months until it could possibly elevate further funding.
Sky Information reported on the weekend that advisers to the utility, which has about 15m clients, have added Carlyle, the personal fairness agency, to an inventory of potential rescue traders.
Blackrock declined to remark.
