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The Swedish investment fund EQT has engaged in exclusive negotiations with the shareholders of the group Saur the number three French water, with a view to buy it, announced Monday the French group. 19659002] This operation could be finalized before the end of the year, indicates in a statement Saur whose main shareholders are the banks BNP Paribas and BPCE.
"This project of operation will make the subject of the social consultations required and remains subject to the usual regulatory approvals ", states Saur who does not disclose any financial details.
The group had shortlisted four candidates last month – in addition to EQT, the Americans KKR and I-Squared and the French Meridiam – among the eleven who had expressed their interest
The management had set a number of criteria to make its choice: the price, the nature of the purchaser – with a preference for a long-term investor present in the infrastructure sector, the adhesion to the project of the company as well as a certain number of social criteria including the maintenance in France of centers of decision.
EQT, founded in 1994 by the famous Wallenberg family of industrialists, is a "responsible" investor.
"EQT's industrial network will bring complementary experiences in water infrastructure management, digitization and development sustainable, "says Matthias Fackler, partner at EQT Partners.
threatened with bankruptcy five years ago, with a debt of more than 1.7 billion euros, and finally taken over by its creditor banks in 2013, Saur improved his financial situation
In early 2018, the group launched the process of "recomposition" of its capital, with the aim of withdrawing some of its badets
The former Urban and Rural Development Corporation, founded in 1933, is the number three water company in France, behind the giants Veolia and Suez.
Last year, it had 9,000 employees. 1.3 billion euros in sales
It targets 2 billion euros in four years, as part of its project "Initiative 2022" launched by the executive chairman, Louis-Roch Burgard. [19659002Thegroupalsoplanstoexpandinternationallywhichnowaccountsforlessthan10%ofitsbusinessparticularlyinSaudiArabiaLatinAmericaandAsia
In this respect, the arrival of EQT "would be an important step" to accompany the group in its strategic ambitions, says Saur .
(With AFP)
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