Asset manager KKR (NYSE:KKR) has offered nearly £4B (~$5B) for a majority stake in struggling U.K. utility Thames Water in a management-led buyout, Bloomberg reported earlier Wednesday. KKR (NYSE:KKR),

Private equity fund KKR is offering £4 billion to take control of struggling utility Thames Water in the UK, according to a person familiar with the matter.

KKR has submitted a preliminary £4bn equity bid to take a majority stake in Thames Water, as the US private equity firm looks to position itself as the most credible potential owner of the debt-laden water provider.

Global investment firm KKR (KKR) is looking to pump £4 billion ($5 billion) into Thames Water, the UK’s biggest water supplier, to acquire

KKR & Co. offered to inject nearly £4 billion ($5 billion) into Thames Water for a majority stake in the beleaguered utility, according to people familiar with the matter.