John Laing Investments Limited, a joint venture partner with Viridor Waste Management Limited (Viridor) in the Runcorn I Energy Recovery Facility, has decided to sell its holding. Pennon Group Plc announces that today, its subsidiary Viridor has exercised its pre-emption rights and has agreed a £54.52m cash consideration for the 37.5% economic interest and 20% voting rights.
The acquisition will consolidate further Viridor's leading market position in UK Energy Recovery and will result in an increase to Pennon's economic interest in INEOS Runcorn (TPS) Holdings Limited from 37.5% to 75%, with the associated voting rights moving from 20% to 40%.