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Industrial strength Vol 18, Issue 3 (March 2017)

Suez has catapulted itself into the top three global indus- trial water solutions providers by agreeing to buy GE Water & Process Technologies for $3.4 billion, equivalent to 12.5 times earnings before interest, tax, depreciation and amortisation....

Buying market share in the industrial water space must have seemed a far better bet for Suez CEO Jean-Louis Chaussade than grinding away at organic growth, but the paucity of high-quality assets that are available means that valuations are always going be...

Brazilian auction Vol 18, Issue 3 (March 2017)

The Brazilian government has initiated the biggest sell-off of state water assets since Chile privatised its water sector in the late 1990s. Equity stakes in fifteen state water operators are on the block, with auctions set to take place...

The fickle nature of state regulation in the Brazilian water sector was laid bare at the end of February, when shares in Sanepar – the part- privatised state water company serving the state of Paraná – were knocked for six after the state regulator revealed that...

A new key in the UK Vol 18, Issue 3 (March 2017)

Macquarie has agreed to sell its remaining 26.3% stake in Thames Water to a consortium of Borealis Infrastructure – which manages the infrastructure investment portfolio of...

Both Borealis and Wren House have been looking to enter the regulated UK water sector for some time, and the Thames deal will partly make up for the disappointment that they encountered when their unsolicited approach to...

It will be interesting to see what Macquarie does next in the water sector. Having originally taken a stake in tiddler South East Water, it traded up in 2006 when the chance to buy Thames came along, later selling...

U-turns Vol 18, Issue 3 (March 2017)

The future role of PPPs in Egypt’s water infrastructure development looks uncertain after the country’s government made a U-turn on the massive Abu Rawash wastewater project and decided to fund it directly – more than a year after...

Singaporean desalination supremo Hyflux’s great sell- off continued to evolve this month, with a 70% stake in its landmark Tuaspring IWPP the next to be put on the block. The chances are that the divestment has been on the cards for a while, but the timing of the announcement...

Indonesian authorities are hoping they can capitalise on the momentum behind the financial close of the Umbulan Spring water supply project to revive other water PPPs previously rejected by bidders in 2015...

Meanwhile, observers were surprised to see the authorities in Mongolia pump life back into a wastewater BOT tender which was abandoned both by experienced developers and the project evaluation committee last year...

IPO, therefore I am Vol 18, Issue 3 (March 2017)

Oilfield water management company Select Energy Services filed for an IPO earlier this month, just three months after raising $322 million of equity in the private placement market. The need for growth capital follows a protracted period of reduced activity and pricing pressure which has seen the firm’s annual revenues decline by...

It is unlikely to spark as enthusiastic a response as Chinese engineer and project developer CSD Water Service, which listed on the Shanghai Stock Exchange on 14 March, having raised RMB...

The Kuwait Authority for Partnership Projects has taken on a team led by NBK Capital to advise on an IPO of 50% of the company which owns the 1,500MW & 486,000m3 /d Az-Zour North 1 power and water complex. While floating off stakes in private water projects has proved wildly popular in...

Desal versus reuse Vol 18, Issue 3 (March 2017)

This month’s chart comes from our new market report – Desalination and Water Reuse: Scarcity Solutions for Cities and Industry.

Water company operating profit performance in 2016 Vol 18, Issue 3 (March 2017)

2016 was not a great year for growth, but it did offer scope for margin improvement. Not everything is what it seems in our round-up of last year’s full-year results from the major quoted water companies.

The difference a deal makes Vol 18, Issue 3 (March 2017)

Christopher Gasson looks at the broader implications of Suez’s acquisition of GE Water for the water industry.

America nudges up to new high Vol 18, Issue 3 (March 2017)

Despite the fact that some stocks had a roller-coaster ride this month, the Americas segment of our index hit a new high. Tariff troubles in Brazil took the shine off the numbers.

Deal of the decade? Vol 18, Issue 3 (March 2017)

Christopher Gasson gives his thoughts on Suez’s move to acquire GE Water.