British utility Pennon to divest waste management unit in $5 billion deal

(Reuters) - UK's Pennon Group said on Wednesday it would sell its waste management business to private equity firm KKR & Co Inc in a 4.2 billion pounds ($4.95 billion) deal, as it seeks to reduce debt and focus on its water division.The sale, unanimously agreed by Pennon's board, will result in net cash proceeds of 3.7 billion pounds, the company said."On completion of the transaction, Pennon will continue to focus on its sector-leading water and wastewater businesses," Chief Executive Officer..