Ofwat has launched a consultation on the change of ownership affecting two regulated companies, Portsmouth Water Limited and Leep Networks (Water) Ltd.
The consultation assesses:
- the ownership structure.
- the new owner identified as an ‘Ultimate Controller’ as well as their capacity to be an owner of a regulated water company.
- Ofwat’s understanding of how the governance arrangements, which are relevant
considerations in identifying the new Ultimate Controllers of Portsmouth Water
and Leep Networks, have changed following the change of control. - Ofwat’s considerations in identifying the new Ultimate Controllers of Portsmouth
Water and Leep Water.
In July 2024, Vontobel Holding AG acquired a substantial minority stake of the shares in
Ancala Partners LLP, the ultimate holding entity of Portsmouth Water and Leep Networks The transaction completed on 1 July 2024.
The Vontobel Group provides services to investors worldwide, with a presence in 28
locations4. Vontobel AG has stated that its acquisition of a minority stake in Ancala
marked a milestone in delivering on the Vontobel Group’s private markets strategy.
So far Ofwat has not identified any issues, based on the information they have received and considered to date. The regulator has concluded they do not see a need to introduce additional protections in the licence directly as a result of the change in ownership.
