March 8, 2017 / 5:48 PM / a year ago

Suez buys GE Water in 3.2 bln euro deal, considers capital increase

PARIS, March 8 (Reuters) - 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 rata share. ($1 = 0.9483 euros) (Reporting by Geert De Clercq; Editing by Adrian Croft)

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