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General Electric : to Sell Water Unit to France's Suez, Canadian Pension Fund -- Update

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03/08/2017 | 08:45pm CEST
By Austen Hufford 

General Electric Co. said Wednesday it has agreed to sell its water and process technologies business to France's Suez SA and one of Canada's largest pension funds.

Suez and Caisse de dépôt et placement du Québec are buying GE Water in a deal that values the unit at about $3.4 billion, the two companies said.

The pension fund will invest $700 million for a 30% stake while Suez will have a 70% stake and will contribute its own industrial-water business to create a new, self-standing business unit within Suez, encompassing all of its industrial-water activities.

With operations in 130 countries and over 7,500 employees, GE Water supplies equipment, chemicals and services for the treatment of water and wastewater. The unit had revenue of about $2 billion in 2016.

Suez and the pension fund said the long-term demand for the business was strong due to long-term concerns over growing water scarcity, the effect of climate change on the water cycle and the increased concerns related to industrial wastewater and its impact on the environment.

In October, GE announced plans to sell the business. The deal is expected to close by midyear.

For GE, the deal continues a trend of the past three years, as the company has pared back businesses, betting it can grow faster by focusing more narrowly on heavy industrial equipment and by building a service business rooted in software and the digital world. GE has sold off the bulk of its GE Capital financial-services arm, in deals valued at about $195 billion.

Write to Austen Hufford at austen.hufford@wsj.com

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Financials ($)
Sales 2017 125 492 M
EBIT 2017 17 025 M
Net income 2017 12 429 M
Debt 2017 78 141 M
Yield 2017 3,71%
P/E ratio 2017 18,61
P/E ratio 2018 15,63
EV / Sales 2017 2,42x
EV / Sales 2018 2,12x
Capitalization 225 001 M
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Number of Analysts 17
Average target price 30,5 $
Spread / Average Target 18%
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Managers
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Jeffrey R. Immelt Chairman & Chief Executive Officer
Daniel Janki Treasurer & Senior VP-Global Operations
Jeffrey S. Bornstein Vice Chairman & Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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