United Water and KKR acquired the 40-year water and wastewater concession from the Bayonne Municipal Utilities Authority (BMUA). Under the agreement, the joint venture has made an initial payment to the BMUA of $150 million, which will be used to eliminate the BMUA's existing debt and improve its finances. The joint venture has further committed to funding another $157 million into the system over the life of the contract. KKR, which made the investment through its infrastructure fund, will fund 90% of the joint venture with United Water