No new licence protections needed after Macquarie takes a stake in Icosa, Ofwat finds

Ofwat is consulting until 20 March on its provisional view that Macquarie Asset Management’s (MAM) purchase of a half stake in New Appointment and Variation provider Icosa Water does not necessitate the introduction of any additional protections in Icosa’s licence.

A MAM operation bought a 50% stake in Last Mile Infrastructure Group, the ultimate holding entity of Icosa Water, in October 2024. The remaining shareholding is held, indirectly, by Infracapital. 

MAM also holds an 82% stake in Southern Water, and an interest in Matrix Water, and was formerly a major investor in Thames between 2006 and 2017.