The struggling English utility Southern Water has secured investment worth up to £1.2bn in a deal led by its majority owner, Macquarie Group, which will help it avoid a breach of its regulatory licence.
A consortium led by Macquarie has committed to invest £655m, with a promise of another £245m by the end of the year from existing shareholders and unnamed new investors. Southern could receive another £300m depending on the outcome of a legal appeal to increase the amount it can charge customers.
