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Veolia takes full control of WTS in a $1.75 billion deal

Veolia acquires full ownership of Water Technologies and Solutions by purchasing the 30% stake held by CDPQ, further consolidating its growth strategy focused on industrial water technologies.

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Veolia Environnement SA has announced the completion of its acquisition of the remaining 30% stake in Water Technologies and Solutions (WTS), formerly GE Water, for $1.75bn (approximately €1.6bn). This transaction with the Caisse de dépôt et placement du Québec (CDPQ) gives the French group full ownership of the entity, which…

Veolia Environnement SA has announced the completion of its acquisition of the remaining 30% stake in Water Technologies and Solutions (WTS), formerly GE Water, for $1.75bn (approximately €1.6bn). This transaction with the Caisse de dépôt et placement du Québec (CDPQ) gives the French group full ownership of the entity, which specialises in industrial water treatment technologies.

WTS currently accounts for 60% of Veolia’s water technologies activity, a rapidly growing segment identified by the group as a strategic priority alongside hazardous waste management and local energy. These segments are considered more profitable than the company’s traditional operations, such as municipal water services, solid waste treatment, or urban heating and cooling networks.

Strengthening international presence

WTS was acquired as part of the portfolio obtained during the takeover of former competitor Suez. The company operates equally between the North American market and other international regions. This footprint supports Veolia’s strategic goal to expand its presence outside Europe.

Following the acquisition, Veolia announced the signing of new contracts in water technologies totalling $750mn. One of the main deals, valued at $550mn, was signed with a semiconductor manufacturer based in the US Midwest. The name of the client company has not been disclosed.

Quarterly results and growth outlook

Veolia’s revenue remained stable at €11.5bn in the first quarter of 2025, down 0.4% due to the divestment of its subsidiary Sade, which specialised in hydraulic infrastructure works. This subsidiary had previously generated annual revenue exceeding €1bn.

On a like-for-like and constant currency basis, group revenues grew by 3.9%. Earnings before interest, taxes, depreciation and amortisation (Ebitda) reached €1.7bn, up 4.4% (+5.5% on a like-for-like and constant currency basis). The company has reaffirmed its financial targets for 2025, including Ebitda growth of between 5 and 6% and continued organic revenue growth.

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