Pennon Group Plc (PNN), a U.K. water provider, said its Viridor Waste Management Ltd. subsidiary acquired JWT Holdings Ltd. for 7.6 million pounds ($12 million) including debt to expand in waste collection and recycling.
The purchase of the waste management and recycling business “provides excellent synergies with Viridor’s existing activities in Manchester and across the northwest,” Viridor Chief Executive Officer Colin Drummond said today in a statement.
The deal compliments five acquisitions for about 40 million pounds since 2011 “and Viridor’s development of the U.K.’s largest waste-fired conbined heat and power facility at Runcorn,” the chief executive said.
Pennon shares have risen 6.8 percent in London trading over the past year. Pennon is based in Exeter.
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