French utility Suez, together with Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ), has sealed its acquisition of GE Water & Process Technologies in a US$3.4 billion deal.

The acquisition strengthens Suez’s position in industrial water, particularly in the US and emerging markets. GE Water & Process Technologies had 2016 revenues of approximately US$2.1 billion and around 7500 employees.

Suez has formed a Water Technologies & Solutions business unit which brings together the acquired business and Suez’s own industrial service activities. Headed up by Heiner Markhoff, the former president and CEO of GE Water, Suez Water Technologies & Solutions has more than 10 000 employees and over 50 000 customers worldwide.