GE (Boston, Mass.; www.ge.com) announced today it completed the closing of the sale of GE Water & Process Technologies to SUEZ (Paris, France; www.suez.com) for $3.4 billion on September 30, 2017.
“The sale of GE Water & Process Technologies is the next step in GE Power’s business strategy and portfolio transformation,” said GE Power President and CEO Russell Stokes. “By creating a more simplified and focused business we’ll be better positioned to leverage Power’s strengths across the entire electricity value network to serve our customers and position the business for growth moving forward.”
At the end of October 2016, GE announced plans to sell its Water & Process Technologies business, in part due to the overlap of certain product lines with the Baker Hughes business. The merger of Baker Hughes and GE was officially announced on July 3, 2017.
GE Water & Process Technologies 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 & Process Technologies generated approximately $2.1 billion in revenues in 2016 with approximately 7,500 employees.
Goldman Sachs and Citibank provided financial advice to GE, and Weil, Gotshal & Manges LLP was GE’s legal advisor.