SUEZ strengthens Spanish presence with expansion into Canary Islands

Photo credits: CG

SUEZ has announced the acquisition of Itochu Group’s 33.4% minority stake in Canaragua for an amount of €37 million ($44.7 million). SUEZ now holds 100% of Canaragua, thereby strengthening its ability to accelerate growth in both results and revenues in the coming years.

Following the recent announcement of the acquisition of the minority interests in SUEZ NWS and Suyu in China, the Group is pursuing in Spain its selective capital reallocation objectives identified in Shaping SUEZ 2030. Thanks to an optimized and simplified structure of its activities, the Group strengthens its ability to win large and high value-added contracts, while creating more value for its stakeholders.

Canaragua is the leader operator in water management in the Canary Islands, operating in six of the eight islands of the archipelago and serving daily a population of 1.1 million inhabitants. Through this operation, Canaragua is strengthened as an essential actor in the transformation of the Canary Islands. The company pursues the promotion of a model of long-term sustainable economic growth, capable of facing and answering the present and future challenges of the islands. In 2019, Canaragua generated revenues of c.€91 million ($110 million) and an EBITDA of c.€16 million ($19.3 million).