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Investing.com -- Veolia, a French utility and resource-management company, has announced it will acquire Caisse de depot et placement du Quebec’s (CDPQ) 30% minority stake in its Water Technologies and Solutions subsidiary. The deal, valued at $1.75 billion, will grant Veolia full ownership of the subsidiary.
The company disclosed on Wednesday that this acquisition will facilitate cost savings, enhance earnings growth in the business, and simplify its structure. Veolia is now targeting an annual growth rate in earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least 10% for its water technologies division over the 2023-27 period. This division comprises Veolia’s wholly owned operations and the Water Technologies and Solutions, which it is now fully acquiring.
The completion of the deal, expected by the end of June, is projected to result in annual cost synergies of 90 million euros ($102.3 million) by 2027, according to Veolia.
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