Travers Smith LLP is advising new client Dee Valley Group PLC on the recommended cash offer by investment company Ancala Fornia Ltd for the entire issued share capital of Dee Valley. The acquisition, which will be financed by Ancala's infrastructure investment funds, values Dee Valley at approximately £71.3 million.
Formed in 1997 with the merger of the former Chester Water Company and Wrexham Water Company, Dee Valley is a water supply company covering covers 831 square kilometres in north east Wales and the north west of England. The company operates eight impounding reservoirs, two river abstractions and two groundwater sources to supply approximately 62 million litres per day to over 258,000 customers.
Ancala is an independent infrastructure investment manager with a focus on investing in the infrastructure sector in the UK. Its acquisition of Dee Valley will ensure the continuation of Dee Valley's strategy as the local water company providing the highest level of customer service and value for money from its current sites in Wrexham and Chester.
Travers Smith’s team was led by corporate partner Anthony Foster and included corporate partner Richard Spedding and corporate associate Isabel Dwan.
Ancala was represented by Berwin Leighton Paisner.