GE Energy Financial Services said Tuesday it will buy Idex Aquaservices in France, marking the company's first step into the European water market.
The GE unit is acquiring a 95 percent stake, including debt obligations, from Idex, a developer, owner and operator of facilities that purify water for the food, beverage and cosmetics industries.
Financial details were not disclosed.
The investment is the first for GE Energy Financial Services’ water business outside the U.S. and its first in the burgeoning market for industrial water treatment, comprising an estimated one-third of all water assets worldwide.
The company noted that, by some estimates, the food and agriculture sectors consume 100 times more water than individuals.
GE Energy Financial Services’ water team offers structured equity capital and customized debt finance for existing assets and projects under development in the commercial, industrial and municipal infrastructure water, reuse and wastewater treatment markets worldwide.