CMA clears Pennon’s £425m Bristol Water acquisition

The Competition and Markets Authority has cleared Pennon’s £425m acquisition of Bristol Water.

The competition watchdog had already said in January that the undertakings provided by Pennon could be enough to satisfy its concerns.

Pennon said on Monday that it was "pleased" the undertakings proposed - which will maintain separate price controls for the Bristol Water region within a merged water business - have now been accepted.

Pennon chief executive Susan Davy said: "The merger of Bristol Water with South West Water is all about bringing together the best of the best to deliver for our customers, communities, and the environment in the Greater South West.

"We have a track record of delivery and are working across both businesses to deploy our proven integration strategy, which we are confident will deliver meaningful benefits for all stakeholders.

"Alongside this, we are excited to further evolve our WaterShare+ unique customer share ownership scheme, offering Bristol Water customers a greater stake and say in the business."

Pennon’s acquisition of Bristol Water completed in June last year.