SUEZ announced on March 8, 2017 that, together with Caisse de dépôt et placement du Québec (CDPQ), it has entered into a binding agreement to purchase GE Water & Process Technologies (GE Water) from General Electric Company for €3.2 billion ($4.54 billion CAD) enterprise value in an all‐cash transaction.
The deal will see SUEZ and CDPQ acquiring 100% of GE Water in a 70/30 joint venture. According to Reuters, the new business will operate under the SUEZ brand.
According to a press release issued by SUEZ, the company’s board unanimously approved the transaction.
Jean‐Louis Chaussade, CEO of SUEZ, said: “I am very proud to announce the acquisition of GE Water, which will accelerate the implementation of SUEZ’ strategy by strengthening its position in the promising and fast‐growing industrial water market. This combination will create further value for both our employees, clients and shareholders.”
SUEZ said the integration of GE Water will widen its systems and service offerings, optimize its operations in manufacturing supply chain, engineering and service deliveries, and assist SUEZ’s other businesses, notably in the areas of recycling and resources, and energy recovery.
CDPQ is a long‐term institutional investor that manages funds primarily for public and para-public pension and insurance plans. As of December 31, 2016, it held $270.7 billion in net assets, with investments in private equity, infrastructure and real estate.
The transaction is expected to close by mid-2017 and is subject to regulatory approval.
For more information, visit: www.suez-environnement.com