PARIS, March 8 French waste and water group Suez
said in a statement it and Canada's Caisse de dépôt et
placement du Québec (CDPQ) have agreed to buy GE Water from
General Electric for an enterprise value of 3.2 billion
euros ($3.37 billion).
Suez and CDPQ will set up a 70/30 joint venture to buy 100
percent of GE Water in an all-cash transaction, after which Suez
will contribute its existing industrial water activities to the
new Industrial Water business unit.
Suez said it had a fully underwritten bridge financing in
place for the transaction, and is considering refinancing it
through a capital increase of about 750 million euros.
It said its main shareholders, Engie,
CriteriaCaixa and Caltagirone Group have confirmed their
intention to participate in the capital increase for their pro
($1 = 0.9483 euros)
(Reporting by Geert De Clercq; Editing by Adrian Croft)