SUEZ has announced that, together with Caisse de dépôt et placement du Québec (CDPQ), it has completed the acquisition of former GE Water & Process Technologies (‘GE Water’) for €3.2bn enterprise value in an all-cash transaction, effective as of September 30th.
In connection with the completion, SUEZ sets up a business unit to be known as Water Technologies & Solutions and run by Heiner Markhoff, the former president and CEO of GE Water. This business unit combines the acquired business and Suez’s own industrial service activities. It will offer what Suez calls ‘unparalleled value proposition to the shareholders, including the expected commercial, operational and technical synergies’.
Suez Water Technologies & Solutions will operate with over 10,000 employees and address the needs of over 50,000 customers worldwide.
Suez will provide further details on the new company’s business and present its strategy in the industrial water markets during a separate dedicated meeting to take place on December, 13th.