Suez, together with CDPQ, acquires GE Water & Process Technologies
SUEZ has announced that, together with Caisse de dépôt et placement du Québec (CDPQ), it has entered into a binding agreement to purchase GE Water & Process Technologies from General Electric Company for €3.2Bn enterprise value in an all-cash transaction.
GE Water is a leading systems and services provider for industrial clients, supplying water, wastewater and process systems solutions to blue-chip customers. GE Water generated ~$2.1Bn revenues in 2016 with 7,500 highly-skilled sales staff and engineers with strong digital capabilities.
For SUEZ, benefits of the deal include broadened access to industrial clients and a strengthened international footprint in key geographies, notably in the US and emerging markets. The deal is expected to generate significant cost and revenue synergies.
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. Clients will benefit from the combined knowledge, expertise, geographic footprint and leading edge products and services available. The transaction will also deliver strong value to our shareholders by enhancing SUEZ’ profitable growth profile. I look forward to integrating GEWater’s highly skilled staff to our teams to form an unparalleled industrial water platform. We are also thrilled to join forces with CDPQ, which shares our longterm vision for our business.'
This transaction is expected to close by mid-2017 and is subject to receipt of required regulatory approvals.