(Corrects to remove reference to Macquarie disposal in final paragraph of story published June 30.)
May 30 (Bloomberg) -- BT Group Plc’s pension fund said it acquired a minority percent stake in Thames Water, Britain’s largest water and sewage company, from funds managed by Macquarie Group Ltd.
BT’s pension fund bought 13 percent of Thames Water’s holding company Kemble Water Holdings Ltd. for an undisclosed amount, Macquarie said in a statement today.
The pension plan is making the acquisition after BT said it planned to halve its 3.9 billion-pound ($6 billion) pension deficit. The phone company has sought to move away from past criticism of its pension funding, with a regulator saying in 2010 it had “substantial concerns” over the payment of the shortfall.
China’s largest sovereign wealth fund, China Investment Corp., bought an 8.76 percent stake in Thames Water in January.
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