Suez partners with CDPQ to acquire GE Water for €3.2bn
Suez, along with Caisse de dépôt et placement du Québec (CDPQ), has entered into a binding agreement to acquire GE Water & Process Technologies (GE Water) from General Electric for €3.2bn.
With approximately $2.1bn revenue generated last year, GE Water provides water, waste-water and process systems solutions to industrial customers.
It is expected that the acquisition will bolster Suez' geographical footprint in water market, enhance its capabilities to provide performing solutions and will generate significant cost and revenue synergies.
Suez chief executive officer Jean-Louis Chaussade 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.
"I look forward to integrating GE Water’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 long term vision for our business.”
The acquisition is also expected to leverage GE Water's digital InSight platform to increase Suez' systems and service offerings, while the complementary customer base, industry vertical and value chain will boost cross-selling opportunities.
It will also provide Suez a chance to optimise its operations in manufacturing supply chain, engineering and services deliveries, in addition to cooperation and business opportunities with its businesses in other sectors such as recycling and resources / energy recovery.