PARIS, March 8 (Reuters) - French waste and water group Suez SEVI.PA 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 (NYSE:GE) GE.N 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 ENGIE.PA , CriteriaCaixa and Caltagirone Group have confirmed their intention to participate in the capital increase for their pro rata share. ($1 = 0.9483 euros)