Beijing Enterprises Water Group’s (BEWG) agreement with Veolia Water to a deal believed to mark the largest investment by an industrial Chinese investor in Europe demonstrates a new trend for Chinese investment, a lawyer involved in the deal said.
BEWG is to acquire the Portuguese water business of Veolia, a leading global operator of water services, for more than €95 million (US$123.5 million).
Pursuant to the sale and purchase agreement concluded on 21 March, BEWG or a wholly-owned subsidiary of the group will acquire from Veolia Water the entire share capital of Compagnie Générale des Eaux (Portugal) – Consultadoria e Engenharia (CGEP), a water supplier in Portugal, together with related quasi-capital contributions and a shareholder loan. “This deal is part of a new trend of Chinese corporates that are now focusing on infrastructure,” Juan Martín Perrotto, a Beijing-based partner at Uría Menéndez, told China Business Law Journal.
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