Dresdner Kleinwort Wasserstein (DrKW) is advising Malaysian power group YTL Power International alongside Deutsche Bank to help the company clinch the £1.3bn (€2bn) acquisition of Wessex Water of the UK.

DrKW was asked to act as adviser late in the game on the back of a financing package it put together on the deal. Deutsche Bank began working for YTL on the deal in January this year. Although DrKW had pitched for the advisory mandate early on in the process it did not win, leaving Deutsche Bank as sole financial adviser until just three weeks ago. Both banks had done work for YTL in the past, although not on any completed mergers or acquisitions.