Business
COMPLETION OF UU AND SVT JV, WATER PLUS
COMPLETION OF UU AND SVT JV, WATER PLUS.
About this update from Severn Trent Plc
[{"type":"text","content":"\n \nRNS Number : 9194Z Severn Trent PLC 01 June 2016 \n\n\nSevern Trent Plc\n1 June 2016\n \n \nCOMPLETION OF UNITED UTILITIES AND SEVERN TRENT JV, WATER PLUS\n \nSevern Trent and United Utilities (UU) are pleased to confirm that all conditions relating to their joint venture, Water Plus, have been satisfied and the transaction has been completed today.\n \nThe joint venture, initially announced on 1 March 2016, will combine Severn Trent and UU's non-household water and wastewater retail businesses, principally comprising billing and customer service activities, into one business. Operations will be progressively transferred to a new head office located in Stoke-on-Trent over the course of this year. Competition and Markets Authority (CMA) approval was granted on 3 May.\n \nSevern Trent and UU have strong track records in operating and growing successful non-household retail services in Scotland. With the non-household retail market in England opening for competition in 2017, Water Plus will combine the complementary skills of both companies, including sales, customer service, business strategy and credit management, to deliver an attractive proposition for large and small business customers across England and Scotland. Bringing their businesses together will create a JV with the synergies to provide an efficient and cost-effective operation focussed on improved customer service and growth.\n \n\n\n \nSevern Trent contacts\n \nRuban Chandran, Severn Trent Head of Investor Relations +44 (0) 7957 166615\n\n\nSarah-Jayne O'Kane, Severn Trent Press Office +44 (0) 7900 158859\nDavid Lloyd-Seed/Jonathan Sibun, Tulchan Communications +44 (0) 20 7353 4200\n\n\n \n\n\n \nNotes to editors\nThe economic regulator for the water industry, Ofwat, is opening up fully the water and wastewater non-household retail market in England to competition...