AMP Capital has exited its ownership of Thames Water to Borealis Infrastructure, some 11 years after it first invested in the company.
The firm has divested its 5.5 percent share to the infrastructure arm of Canadian pension OMERS, which has consolidated its position as the largest shareholder of Britain’s biggest water company, with its holding now at 23 percent.
Borealis bought into Thames Water in March when it paid between £1.3 billion ($1.57 billion, €1.48 billion) and £1.4 billion alongside Kuwait Investment Authority subsidiary for a 26.3 percent stake, which the two investors split 17.5 percent and 8.8 percent, respectively.
The sale ends AMP’s involvement in the firm, which began in 2006 and saw it invest a further £27 million in 2011 to boost its holding. The offloading is believed to be linked to a revised investment strategy towards larger stakes in smaller companies.
AMP declined to comment on the reason for the sale or the amount paid by Borealis.
Thames Water, which has racked up fines totalling £28.5 million from regulator Ofwat this year, is looking for a new chief financial officer for its retail division after Stuart Ledger agreed to join rival firm Affinity Water last month.