Suez, CDPQ target industrial water with $3.4 bln GE Water deal: Reuters
French waste and water group Suez has boosted its industrial water treatment business with the 3.2 billion euros (US$3.4 billion) acquisition of GE Water from General Electric, Reuters reported. In an all-cash deal, Suez and Canadian pension fund manager Caisse de dépôt et placement du Québec will acquire 100 percent of GE Water's equity and debt through a 70/30 joint venture, to which Suez will contribute its existing industrial water activities. The new business will operate under the Suez brand. Suez Chief Executive Jean-Louis Chaussade told reporters the industrial water market was more important than Suez's traditional municipal water market, because industry accounts for 15-20 percent of global water consumption compared with just 5-8 percent for human consumption in cities.
