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Pennon eyes acquisitions as it sits on £3bn cash pile

first_img whatsapp (Photo Illustration by Sean Gallup/Getty Images) Also Read: Pennon eyes acquisitions as it sits on £3bn cash pile Damian Shepherd Meanwhile, its business to business water retailer, Pennon Water Services, also continued to win new contracts. Tuesday 30 March 2021 7:57 am (Photo Illustration by Sean Gallup/Getty Images) Also Read: Pennon eyes acquisitions as it sits on £3bn cash pile (Photo Illustration by Sean Gallup/Getty Images) whatsapp The FTSE 250 firm said it plans to reinvest the money gained from selling its former waste business Viridor for £4.2bn. Sharecenter_img The firm’s South West Water arm performed particularly well, with Pennon expecting a doubling of base returns on regulated equity to 3.9 per cent. The firm said it had established a sustainable capital structure as it continued a review of growth opportunities benchmarked against a return of capital to shareholders. Water utility firm Pennon today said it was eyeing acquisition opportunities as it expects to end the financial year with over £3bn of cash. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Pennon eyes acquisitions as it sits on £3bn cash pile “In the event a major value accretive investment opportunity is not available, Pennon expects to make a substantial return of capital to shareholders.” “Pennon believes there is significant value potential from the reinvestment of the Viridor sale proceeds in the UK water sector and continues to narrow down its review of potential growth opportunities,” the company said in a statement. Show Comments ▼ Tags: Company Pennon Grouplast_img read more