General Electric to sell water and process technologies business for $3.4 bn

US industrial conglomerate General Electric Co. yesterday struck a deal to sell its water and process technologies business to French waste and water company Suez SA and Canada's largest pension fund Caisse de dépôt et placement du Québec, for around $3.4 billion (€3.2 billion).

Suez will buy 70 per cent of the water business, while the remaining 30 per cent would be owned by Caisse de Dépôt et Placement du Québec.

GE had put its Water and Process Technologies unit up for sale in October 2016 after it agreed to merge its oil and gas operations with Baker Hughes.

GE Water is a worldwide leading systems and services provider for industrial clients, supplying state-of-the art water, waste-water and process systems solutions to blue-chip customers.

GE Water employs 7,500 people and generates annual revenues of $2.1 billion revenues.

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.''

''The transaction will also deliver strong value to our shareholders by enhancing SUEZ' profitable growth profile,'' he added.

Suez supplies drinking water to 92 million people, delivers wastewater treatment services to 65 million, recovers 16 million tons of waste each year and produces 7 TWh of local and renewable energy.

With 82,536 employees, Suez, which is present in countries on all five continents, is a key player in the sustainable management of resources. Suez generated total revenues of €15.3 billion in 2016.