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.

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 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.

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.