French-headquartered Suez Environnement looks set to further strengthen its interest in Bristol Water via its acquisition of more shares the in one the UK water’s company major shareholders.
French-headquartered Suez Environnement is to buy a further 24.14% stake in Barcelona water company Agbar from La Caixa Group in exchange for a mix of 22 million newly issued Suez Environnement shares and €299 million in cash.
Suez, Europe’s second-biggest water utility, already has a 75.35% shareholding in Spanish water company Agbar - which in turn has a 30% stake in Bristol Water. Suez took control of Spain’s largest, non-state water supplier Agbar in 2010 – the country is now its second-biggest water revenue earner after France.
In parallel, La Caixa Group will use the cash received from the deal to acquire from Agbar a 15% stake in the company managing the water and wastewater contract of the Metropolitan Area of Barcelona, Aigües de Barcelona. together with a 14.5% stake from Suez Environnement in Aguas de Valencia.
It will also buy additional Suez Environnement existing shares in the market to reinforce its stake, with the intention to reach up to 7% in the near term. With a lock-up period of 4 years, La Caixa Group will become the second largest shareholder of Suez.
The deakl is scheduled for completion at the end of September.
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