GLV Inc. offer to acquire shares of Christ Water Technololy AG
MONTREAL, Sept. 22 /CNW Telbec/ - The Caisse de dépôt et placement du Québec announced that it will be supporting Québec company GLV Inc., in the amount of $39.8 million, as part of its voluntary takeover bid to acquire shares of Austrian company, Christ Water Technology AG (CWT). GLV is a leading supplier of technological solutions for water treatment and pulp and paper production. It intends to strengthen its market position by acquiring CWT, a company specializing in industrial and municipal water treatment technologies. This private equity investment by the Caisse is part of the financing package set up by GLV for this takeover bid.
"This investment is an integral part of our strategy aimed at supporting companies that perform well and are leaders in their market," said Normand Provost, Executive Vice-President, Private Equity and Chief Operations Officer at the Caisse. "With the acquisition of Christ Water Technology AG, GLV will be able to position itself as a global leader in the market for comprehensive, effective and environmentally sound solutions to treat industrial and municipal water. It will also enable the Québec company to raise its profile internationally, notably in Asia and Europe."
"We are very happy to count on the Caisse's support for our acquisition project. This important financing will contribute to GLV's expansion and the development of its leadership in a most promising sector of activity: water treatment," said Marc Barbeau, Executive Vice-President and Chief Financial Officer at GLV.
At the end of 2008, the Caisse observed that financial markets were tightening and consequently earmarked $1.5 billion to finance companies with a promising outlook, together with other market players. In doing so, it also supports the growth of companies, given the first-rate expertise of its team and its global business networks. Today's announcement is part of that program, along with those made earlier this year.
About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. At December 31, 2008, it held $120.1 billion of net assets. As one of the leading institutional fund managers in Canada, the Caisse invests in the main financial markets as well as in private equity and real estate. For more information: www.lacaisse.com.
SOURCE Caisse de dépôt et placement du Québec
For further information: For further information: Maxime Chagnon, (514) 847-5493