The supplier is hoping to finalise terms of a possible deal with KKR in the second quarter, with aims to complete in the second half of the year. Troubled utility Thames Water has chosen US private equity giant Kohlberg Kravis Roberts (KKR) as its preferred bidder as it looks to secure a buyer to help stabilise its finances. The heavily-indebted supplier – England's biggest water firm, with about 16 million customers – said KKR would now go through to a second phase of the process to secure equity investment. The supplier is hoping to finalise terms of a possible deal with KKR in the second quarter, with aims to complete in the second half of the year. But Thames Water said there was still "no certainty" over a deal, adding that "certain senior creditors continue to progress in parallel alternative transaction structures to seek to recapitalise the business".