(Private water giant) Veolia to take full ownership of water management unit in $1.75 billion deal, gets $750 million in new contracts.
French group Veolia will buy the 30% of shares in Water Technologies and Solutions (WT&S) that it does not already own from Quebec Deposit and Investment Fund (CDPQ) for $1.75 billion.
The waste and water management company also announced $750 million in three new contracts to supply water to clients in the energy and semiconductor sectors.
Veolia also estimated that gaining full control of WT&S will help it extract 90 million euros ($102.3 million) of additional cost synergies by 2027.
“This (deal) will allow us to take full control of all our water technology branches, and thus deliver the full potential of this activity, which is at the heart of our strategic business,” CEO Estelle Brachlianoff told Reuters.
