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Pennon to sell Viridor waste management business - reports

US private equity firm KKR made a £4bn bid a year ago to no avail, while now Morgan Stanley and Barclays have been appointed to manage the sale

Pennon Group PLC - Pennon to sell Viridor waste management business: media reports

Pennon Group PLC (LON:PNN) shares rose on Monday morning as the water company is reportedly preparing to sell its Viridor waste management arm.

US private equity firm KKR made a £4bn bid a year ago to no avail, but bankers have now been appointed to manage the sale.

READ: Severn Trent, UU and Pennon dividends diluted by new Ofwat cap

An auction will be formally launched soon, the Sunday Telegraph reported, as so far there has only been informal communication from interested parties.

Pennon shares were up 8% to 1,087p in mid-morning.

Quick facts: Pennon Group PLC

Price: 1045 GBX

LSE:PNN
Market: LSE
Market Cap: £4.4 billion
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