1 June 2022     

 Bazalgette Finance plc 

CONSOLIDATION OF OWNERSHIP ARRANGEMENTS OF TIDEWAY

Bazalgette Finance plc confirms that subject to third-party approvals there will be a consolidation of ownership of the Bazalgette group of companies including Bazalgette Tunnel Ltd which trades as Tideway.

DIF Capital Partners has announced its intention to divest its 10.66 per cent stake in Tideway, which will be acquired by the company's other existing shareholders, an affiliate of Allianz Capital Partners, Dalmore Capital and two Amber Infrastructure-related entities (International Public Partnerships and Swiss Life Asset Managers). The transaction has come about as one of DIF's underlying investment funds is coming to the end of its fund life.

Notes:

1.   Tideway is building the Thames Tideway Tunnel, a 25km-long sewer tunnel which is due to become operational in 2025. The tunnel will dramatically improve the water quality of the river Thames by tackling overflows from London's existing sewer system. The company recently announced that it had successfully completed the tunnelling phase of the project.

2.   Related announcements have been issued by two of the existing Tideway shareholders, DIF Capital Partners and International Public Partnerships Limited.

DIF Capital Partners announcement

INPP announcement

3.   The Bazalgette group of companies comprise Bazalgette Equity Limited, Bazalgette Holdings Limited, Bazalgette Ventures Limited, Bazalgette Tunnel Limited and Bazalgette Finance plc.  More information on the Bazalgette group company structure and existing ownership arrangements is available on the Tideway website: www.tideway.london

For further information, please contact:

[email protected]

[email protected]

Taylor Geall  

07813 450 682

Bazalgette Finance plc

Cottons Centre

Cottons Lane

London

SE1 2QG