Suez Sells Stake In US Water Business For $610 Million USD

PARIS

French waste and water group Suez will sell a 20 percent stake in its United States regulated water business to pension fund PGGM for $601 million, to help strengthen its balance sheet again after last year's acquisition of GE Water. Suez expects the sale of Suez Water Resources - the parent company for all its regulated water activities in the United States - will be completed by the first half of 2019. Suez chief executive Jean-Louis Chaussade told reporters on Thursday that the sale of that U.S. arm would help improve Suez's debt to EBITDA (earnings before interest, tax, depreciation and amortisation) ratios.

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