Suez Environnement buys rest of Spanish water unit from La Caixa

PARIS, July 18 Fri Jul 18, 2014 1:59am EDT

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PARIS, July 18 (Reuters) - Suez Environnement agreed to buy the remaining stake in its Spanish water unit, Aguas de Barcelona (Agbar), from La Caixa, which will in turn become the French waste and water group's second-biggest shareholder.

Suez said it would pay for the 24.1 percent stake in Agbar with 22 million new shares and 299 million euros ($404 million) in cash, giving La Caixa a 4.1 percent holding in the French company, which it plans to raise to 7 percent in the near-term.

The transaction will have a limited effect on Suez's net debt and a positive impact on net profit of over 25 million euros from 2015 onwards, Suez said in a statement on Friday. ($1 = 0.7396 Euros) (Reporting by James Regan; Editing by Astrid Wendlandt)

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