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EQT buys 42% of Yorkshire Water parent Kelda

The Swedish investor becomes a joint-largest shareholder in a UK water company facing an £8.3bn spending programme and a looming debt deadline.

M&A News deals deskIndustrials / Water utilities · United Kingdom, Europe9 Mar 2026

EQT's Active Core Infrastructure strategy agreed on 9 March to acquire a 42% shareholding in Kelda Holdings, the parent of Yorkshire Water, alongside a commitment to invest further equity in the business.

Yorkshire Water website: yorkshirewater.com

Why EQT Active Core Infrastructure is buying Kelda Holdings (Yorkshire Water) – 42% stake

EQT partner Kunal Koya said the firm's record as a long-term owner of large infrastructure assets made it a natural partner and that private capital could help modernise UK water infrastructure. Yorkshire Water chief executive Nicola Shaw called EQT's backing a strong vote of confidence in the company's improvement plan.

Deal terms and financing

Financial terms were not disclosed. EQT will contribute further equity, including towards an approximately £600m intercompany loan repayment due before March 2027, and supports the £8.3bn environmental and infrastructure programme for 2025-30. Following a simplification of the capital structure, existing shareholders GIC and TCorp hold 42% and 16% respectively.

Regulatory approvals and timing

The acquisition was conditional on approvals including antitrust clearance, with completion expected by the end of June 2026. Italian newswire Radiocor reported on 17 June 2026 that EQT had completed the purchase.

Market context

UK water companies are under pressure to fund record investment after the latest regulatory price review. EQT's water portfolio includes France's SAUR and Seven Seas Water Group.

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