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

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.

Britain's Thames Water secured court approval for a 3 billion pound ($3.8 billion) debt lifeline on Tuesday, warding off the collapse and state rescue of the country's biggest water supplier.

Thames Water has won a crucial High Court battle to secure a £3bn rescue loan, staving off the prospect of the debt-laden company coming under government control. The UK's largest water and waste company was set to run out of cash by the end of March and would have likely been placed into temporary nationalisation to keep services running.

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),

Thames Water, Britain's biggest water supplier with 16 million customers, secured a 3 billion pound debt lifeline on Tuesday, warding off nationalisation and giving it time to sort out its finances, boosting its chances of survival.

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.