Company History

Transactions

Company History

Kelda Group plc, previously named Yorkshire Water plc, was originally formed following water company privatisations in 1989. Kelda has developed significantly since then and is well respected in the UK for the high quality water and waste water services which are provided to its customers. Kelda’s history is summarised in the ‘Transactions’ below.

Transactions

Key transactions which have helped Kelda grow to the company it is today are summarised below:

1989 Yorkshire Water plc formed as part of water company privatisation.
Mid to late 1990s A range of environmental service companies are acquired as part of the diversification strategy.
1998 Yorkshire Water plc sells its Yorkshire-based waste company to Waste Recycling Group plc (WRG) and gains a 46% stake in WRG in return.
1999 Yorkshire Water plc changes its name to Kelda Group plc following a special resolution which is passed on 3 August 1999.
2000 In January, Kelda acquires the US water utility Aquarion.
2000 In April 2000, the Board announces a wide ranging review of the company's strategy and group structure. The conclusions of this review are to focus on water and waste water operations and to dispose of its interests in environmental service and renewable energy businesses.
2001 Following the strategic review Kelda disposes of Alcontrol, White Rose Environmental and Kelda's interests in the White Rose Centre. Subsequently the group sells its interests in renewable energy businesses.
2002 Aquarion, the US business, completes the acquisition of five American Water Works subsidiaries (this intention to acquire had been announced in August 2001). This acquisition increases the size of Kelda's US interests by approximately 50%.
2002 In December, a consortium led by Yorkshire Water, Brey Utilities, signed a contract to run water and waste water operations for the Ministry of Defence (MoD). The contract operations go live in December 2003.
2003 Kelda sells its stake in WRG to Terra Firma and starts a programme to return to its shareholders up to approximately £74 million of the proceeds from its stake in the sale of WRG, by means of an on-market share buyback.
2004 Kelda creates Kelda Water Services to provide a distinct identity for and management focus on securing third party contract operations.
2005 Kelda Water Services signs a 15 year, £700m contract to operate and maintain waste water treatment and operations for Dwr Cymru (Welsh Water) in South Wales.
2006 A consortium comprising Kelda Water Services, Earth Tech and Farrans (Dalriada Water) signs a £110m water services contract in Northern Ireland. The 25 year project involves the design, construction and operation of four new water treatment works providing almost half the province’s drinking water.
2006 Kelda announces the conditional sale of its US business Aquarion.
2007 Kelda sells its US business Aquarion to a consortium led by Macquarie Bank and makes a capital return to shareholders of £750m.
2008 The Kelda Group was de-listed from the London Stock Exchange on 12 February 2008, following its acquisition by the global infrastructure fund, Saltaire Water.