A consortium that includes Borealis Infrastructure has walked away from a bid to purchase Severn Trent, a water utility in the United Kingdom.

The group—which calls itself LongRiver—is made up of OMERS’s infrastructure arm Borealis, the Kuwait Investment Office and the U.K.-based Universities Superannuation Scheme. It had offered £5.3 billion ($8.4 billion) for the company.

“Having reviewed all publicly available information available to it on the company, and in the absence of any meaningful engagement with the Severn Trent board, LongRiver will not increase its preconditional offer,” LongRiver said in a statement.

On Monday, “LongRiver announced that it would not put forward a further proposal for the company in the absence of meaningful engagement. No meaningful engagement between the parties has occurred.”

Severn Trent is the second-largest publicly traded water utility in the U.K.

Read more:

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required