Veolia has signed an agreement with CDPQ for the acquisition of its 30% stake in Water Technologies and Solutions (WTS), securing full ownership of the business in a deal valued at $1.75bn (~€1.5bn).
The move is designed to unlock additional value, simplify the waste management and utilities provider’s structure, and deliver around €90 million in run-rate cost synergies by 2027. The acquisition aligns with the Group’s GreenUp strategic roadmap, which prioritises water technologies and the United States as growth “boosters.”
Estelle Brachlianoff, Veolia’s Chief Executive Officer, said the transaction marks a turning point: “This acquisition marks a pivotal step in unlocking the full value potential of Water Technologies, a growth booster identified as a priority in our GreenUp strategic plan, and a segment where we are already a market leader.
“Full ownership will enable us to accelerate growth, enhance operational efficiency and synergies as well as deepen the alignment with strategic priorities.”
By bringing WTS entirely under its control, Veolia aims to strengthen its global positioning in innovative water treatment technologies.
Demand for advanced solutions is accelerating as industries and governments face rising water scarcity, climate adaptation challenges, health concerns, and increased demand from sectors such as semiconductors, pharmaceuticals, and data centres.
CDPQ, which has held a minority stake in WTS since 2017, said it was proud of the company’s transformation.
“Through our partnership, we helped strengthen the company’s foundations and position it for sustained growth and long-term value creation,” said Albrecht von Alvensleben, Managing Director, Head of Private Equity Europe at CDPQ.
Veolia expects the acquisition to be accretive from 2026 and confirmed it will maintain strategic flexibility with Net Debt/EBITDA below its 3x target. The Group also reaffirmed all 2025 guidance and GreenUp targets, with ambitions to achieve an EBITDA CAGR of at least +10% (at constant forex) for Water Technologies between 2023 and 2027.
