KKR's recent withdrawal from its £4 billion bid for Thames Water raises questions about the US private equity firm's commitment. The decision appears tied to perceived political and reputational risks linked to owning the UK's troubled water utility. Despite the government's apparent support for KKR, these risks may have outweighed previous optimism, especially as regulatory stability discussions progress. The absence of KKR leaves Thames in a precarious position, with bondholder-led recapitalisation seen as a messy fallback plan. KKR's exit denies Thames the potential stability an international player could offer.
KKR's abrupt withdrawal from the Thames Water bid reflects deeper concerns about political and reputational risks in owning the troubled UK water company.
Despite political risks appearing less severe than before, KKR's decision raises questions about their commitment and the potential for meaningful investment in Thames Water.
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