|Bid||1,029.50 x 0|
|Ask||1,031.00 x 0|
|Day's range||1,000.00 - 1,049.50|
|52-week range||693.40 - 1,589.50|
|Beta (5Y monthly)||0.20|
|PE ratio (TTM)||18.65|
|Earnings date||04 Jun 2020|
|Forward dividend & yield||0.42 (4.12%)|
|Ex-dividend date||23 Jan 2020|
|1y target est||764.70|
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(Bloomberg) -- KKR & Co. pulled off one of the biggest deals since the coronavirus pandemic roiled markets by agreeing to buy Pennon Group Plc’s waste-management arm Viridor Ltd. for 4.2 billion pounds ($4.9 billion) including debt.The deal will result in net cash proceeds of about 3.7 billion pounds to Pennon, with an additional consideration of 200 million pounds contingent on future events, Pennon said in a statement on Wednesday. The buyout firm’s infrastructure arm beat out several private equity and infrastructure funds with a fully financed offer early in the auction, said people familiar with the matter, who asked not to be identified because that information was private.Pennon shares fell 5.4% at 9:26 a.m. Thursday in London, valuing the firm at about $5.2 billion. The benchmark FTSE 100 Index rose 0.2%. The sale of Viridor comes as dealmaking globally is threatened due to plunging stock markets and tightening credit conditions due to the growing health crisis. The transaction is also a sign that private-equity firms are still willing to deploy their capital on stable assets with predictable cash flows. Blackstone Group Inc. agreed to buy the iQ Student Accommodation business from Goldman Sachs Group Inc. and the Wellcome Trust for $6 billion last month in the largest-ever private real estate deal in the U.K.Pennon invited non-binding bids for Viridor last week but KKR unexpectedly made a formal offer with committed financing right off the bat, leading to a quicker-than-expected agreement, the people said.The buyout firm had initially approached the company to buy the unit last year, prompting Pennon to launch a formal sale process, the people said. KKR was keen to do the deal because the firm didn’t have a waste management business in the U.K. and found the sector to be attractive given the rising focus on green energy, the people said.Viridor had drawn takeover interest from several suitors including KKR after Pennon kicked off a sale process, people familiar with the matter said in February. At about $5 billion, the deal is the biggest carveout of a division from a publicly traded U.K. firm since August 2018, when Whitbread Plc agreed to sell its Costa Ltd. cafe chain to Coca-Cola Co., according to data compiled by Bloomberg.The Viridor division works with more than 150 local authorities and major corporate clients and has more than 32,000 customers across the U.K., according to its website. It provides recycling, renewable energy and waste management services.Pennon intends to use proceeds to pay down debt and also return cash to shareholders, it said. It is also planning to announce a new dividend policy for the period from 2020 to 2025 when it reports full-year results on June 4.Barclays Plc and Morgan Stanley advised Pennon on the sale while RBC Capital and UBS Group AG worked with KKR.(Updates with Thursday share movement in third paragraph. An earlier version of this story corrected Pennon’s market cap at the Wednesday close)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The sale, unanimously agreed by Pennon's board, will result in net cash proceeds of 3.7 billion pounds, the company said. "On completion of the transaction, Pennon will continue to focus on its sector-leading water and wastewater businesses," Chief Executive Officer Chris Loughlin said regarding the sale of the unit, Viridor. The Telegraph reported in January that KKR had attempted to buy Viridor in 2019, but was turned down by Pennon.
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European holiday company TUI and British home improvement group Kingfisher are among companies likely to exit the FTSE 100 in the blue-chip index's latest reshuffle, according to Reuters calculations based on Monday's closing prices. NMC Health will be expelled from the index after losing about two thirds of its market value after U.S. based short-seller Muddy Waters questioned the UAE-based hospital operator's financial statements. While TUI benefited from the failure of rival travel company Thomas Cook, it has been hit hard by the impact of the Boeing 737 MAX grounding and, as most stocks in the travel and leisure sector, by the coronavirus epidemic.
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The Telegraph, citing sources, reported late on Friday that the U.S. private equity firm had attempted to jumpstart proceedings to buy Viridor earlier in 2019 but was rejected by Pennon. London-listed Pennon shares jumped as much as 10.4% on the day and by 1555 GMT were trading at an all-time high of 10.8 pounds. Pennon in September said it would conduct a review of its strategic focus, growth options and capital allocation policy given the strong performance of Viridor and its utility business South West Water.
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London's FTSE 100 index hit a near-two-month high on Friday, outperforming European peers, as exporters were bolstered by an ailing pound after a Bank of England policymaker hinted at an interest rate cut, while hopes of a U.S-China trade deal also lifted the mood. The globally-exposed FTSE 100 jumped more than 1%, surprisingly ending the week in the black thanks to substantial gains in the last two sessions. The domestically-focused FTSE 250, which had broken ranks with sterling, rose 0.8%.
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