Yorkshire Water Services Finance Ltd - EQT completes investment in Yorkshire Water

Yorkshire Water, which provides water and wastewater services for over 5 million customers, has today announced the completion of EQT’s acquisition of a 42% shareholding in its parent company, Kelda Holdings Limited.

EQT will work in partnership with its co-shareholders, GIC and TCorp, and with Yorkshire Water’s management team to deliver sustainable operational improvements for the benefit of customers and the environment.   Yorkshire Water is currently undertaking its largest ever environmental investment programme, with a total of £8.3 billion dedicated to improving services and upgrading infrastructure throughout the Yorkshire region between 2025 and 2030.   This investment programme will continue to drive a step change in environmental protection, infrastructure resilience and service quality for customers across the region, further supported by the hiring of over 1,000 new employees locally.

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.”

Kunal Koya, 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.

Board Changes

In light of the significant investment programme ahead and the new ownership arrangements, Yorkshire Water has undertaken a review of its Board.   The current Board has successfully led the Company through an important period, including the PR24 Price Review process and established the foundations for the significant investment programme now underway. As Yorkshire Water now enters its next phase of development, it is natural that the Board transitions.

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 stand down at the end of June 2026, and Andrew Wyllie at the end of his full term in August 2026.

Andrew Merrick and Furqan Alamgir will remain on the Yorkshire Water Board.   New appointments to the Board, including the role of Chair, have been identified and will be announced in due course, subject to successful completion of the required regulatory processes.

In addition, Kunal Koya will now join the Yorkshire Water Board for EQT with Ray O’Toole and Isabelle Caumette (who both represented DWS) leaving the Board now the EQT transaction is complete.   Simon Beer who has represented TCorp is leaving and his replacement will be announced in due course.

The shareholders said in a joint statement: “On behalf of all of the shareholders, we would like to welcome EQT and thank Vanda for her significant contributions over the last 5 years. Vanda has provided strong support and leadership and we wish her well for the future. We would also like to thank Andrew Wyllie, Wendy Barnes and Nicola Medalova for their commitment and valued contributions to the Yorkshire Water Board during their time with the Company.”

Vanda Murray said “It has been a privilege to chair Yorkshire Water through a genuinely transformative period. The team has worked hard to build the operational and financial platform that this investment programme requires, and I am proud of what has been achieved. Yorkshire Water is well-placed for its next chapter, and I wish Nicola, the leadership team, and the incoming shareholders every success”.

 

Notes

For media enquiries, please contact:

Emily Brady, Communications Manager

mediateam@yorkshirewater.co.uk

For investor enquiries, please contact:

Daniel Clarke, Head of Corporate Finance

debtir@keldagroup.com

 

About Yorkshire Water

We’re Yorkshire Water. The people trusted to take care of Yorkshire’s most valuable natural resource. On the surface, we manage and look after the region’s water, coast and countryside. But our work means much more than just providing essential services to over 5 million customers in the region. We’re an integral part of Yorkshire life and millions of people who live and work here rely upon us, every single day.

Our vision is to create a thriving Yorkshire, which is right for customers and right for the environment. Over the next five years, from 2025-2030, we are investing £8.3 billion to improve performance and ensure we deliver for our customers and the environment. It is our largest ever environmental investment, which will provide benefits for decades to come and help Yorkshire’s economy by supporting up to 10,000 jobs. Our plan supports the changes we need to provide safe, clean, great tasting water; deliver value for money to our customers; build and operate efficient infrastructure; reduce pollution; improve river quality and reduce carbon emissions.

More info: www.yorkshirewater.com  

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About EQT

EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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