The move followed the decision by the Kelda Group to put the non-regulated businesses of KWS up for sale. This included the Project Alpha Public Private Partnership (PPP) contract operated by KWS.
NI Water Chief Executive Officer, Sara Venning, said: "A strong dedicated local team of approximately 30 staff operates project Alpha and we look forward to working with them even more closely as part of the NI Water group.
"The completion of the sale with the support of both the Department for Infrastructure, and the Department of Finance will allow us to continue to improve the service we provide and the cost at which it is provided to all our customers. I am grateful to both Departments for their support for NI Water in completing this transaction, along with the support provided by the Strategic Investment Board."
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Alliance MLA Kellie Armstrong MLA, welcomed the announcement.
She said: "A move that could easily happen in the background without the general public recognising the importance, this sale will have a positive effect on running costs allowing the company to invest in service delivery elsewhere. The NI Water Team is showing how effectively it can work, having already shown how to create efficiencies through stringent cost saving measures.
"Water charges are currently covered by the block grant received from the UK Government each year, which means annually this is money that could be re-directed to health, education and other vital services. With this in mind it's worth noting that any initiative designed to save money will be of financial benefit to everyone in Northern Ireland."
(CD/LM)
