Ardian, Meridiam, CDC Group, CNP Assurances SA (ENXTPA:CNP) and Global Infrastructure Management, LLC made a proposal to acquire Water and Recycling & Recovery Businesses of Suez SA (ENXTPA:SEV) from Veolia Environnement S.A. (ENXTPA:VIE) and others for €11.3 billion on January 17, 2021. Ardian and Global Infrastructure Management, LLC made a proposal to acquire Water and Recycling & Recovery Businesses of Suez SA from Veolia Environnement S.A. (ENXTPA:VIE) for €11.9 billion on March 21, 2021. As of June 29, 2021, the offer price was revised to €10.4 billion as enterprise value.This valuation includes a potential earn-out of €300 million to be paid at the end of the 2021 fiscal year. As of May 15, 2021, Suez and buyers entered into a definitive agreement. In a related transaction, Veolia Environnement SA made a bid to acquire the remaining stake in Suez SA for €7.9 billion on January 7, 2021. The offer would preserve jobs and maintain essential competition within France. Veolia said that 29.9% that it owns in the capital of Suez are not and will not be for sale. The proposal is subject to the completion of confirmatory due diligence and approval by target Board. The transaction is also subject to European commission approval. As on February 17, 2021, Ardian is not working on rival bid for Suez. As of May 14, 2021, the transaction is subject to regulatory and competition approvals. As of March 21, 2020, the transaction has been unanimously approved by the Board of Suez. As of April 26, 2021, the transaction was approved by US Federal Trade Commission. On March 21, 2021, the management of Suez has tried in vain to create uncertainty where none exists Veolia will not sell or exchange its 29.9% stake in the capital of Suez. As of April 27, 2021, the transaction is expected to be completed by the autumn. Water and Recycling & Recovery Businesses of Suez SA is with revenues of around €9.1 billion and EBITDA of €1.7 billion, at an enterprise value of €15.8 billion. The transaction is expected to be completed by end of 2021. There cannot be any discussions with the management of Suez until the Board of Directors of Suez has formally agreed to the scope of the new Suez proposed by Veolia, the Dutch entity, which is seriously undermining the corporate interests and value of Suez, has been dissolved, the rushed sales of Suez's strategic international assets have been suspended and until the legal proceedings launched by Suez have been withdrawn. As of December 7, 2021, The Competition and Markets Authority has raised concerns over this merger. As of December 14, 2021 European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Suez by Veolia.

Gauthier Blanluet and Nicolas de Boynes from the Paris branch of Sullivan & Cromwell LLP acted as legal advisor to Suez SA. PJT Partners, LP acted as financial advisor to Suez SA. HSBC Continental Europe, S.A acted as financial advisor to Veolia Environnement S.A. Finexsi Expert & Conseil Financier acted as a fairness opinion provider to board of Suez. Olivier Diaz, Charles de Reals of Gide Loyrette Nouel A.A.R.P.I. and Xavier Boucobza, Pierre-Yves Chabert, Rodolphe Elineau, Séverine Schrameck, Anne-Sophie Coustel, Joris Estorges of Cleary Gottlieb Steen & Hamilton LLP (France) and Jean-Philippe Lambert of Mayer Brown acted as legal advisors for Veolia in the transaction. Gide also intervened on the financing of Veolia's offer with Hubert du Vignaux, Laurent Vincent and Eric Cartier-Millon, partners, assisted by Delphine Guillote, counsel as well as Aude-Laurène Dourdain, Victor Delion and Margaux Allilaire. Benjamin Kanovich, Adrien Simon, Laura Gabay of Bredin Prat and Bertrand Cardi, Christophe Vinsonneau, Gersende Renard of Darrois Villey Brochier acted as legal advisors for Suez. Georges Terrier and Alexandre Vermynck of Davis Polk & Wardwell LLP, Benjamin de Blégiers, Marine Jamain, Frédéric Salat-Baroux, Marc Lordonnois, Olivier Jauffret and Kalish Mullen of Weil, Gotshal & Manges (Paris) LLP, Jean-Mathieu Cot of Cot Law acted as legal advisors for Meridiam; Olivier du Mottay of Latham & Watkins acted as legal advisor for GIP, Antoine Bonnasse of BDGS acted as legal advisor for CDC and Patrick Tardivy of Orrick acted as legal advisor for CNP. Claire Jeffs of Slaughter and May acted as legal advisor to Suez SA. Olivier du Mottay, Charles Antoine Guelluy, and Jean-Luc Juhan of Latham & Watkins LLP (Paris) and Brendan Moylan of Latham & Watkins (London) LLP acted as legal advisor to Ardian and Global Infrastructure Management, LLC. Weil, Gotshal & Manges LLP, BDGS Associés and Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Ardian and Global Infrastructure Management, LLC. Credit Suisse (USA), Inc. acted as financial advisor to Ardian, Global Infrastructure Management, LLC. Santander acted as financial advisor to Global Infrastructure Management, LLC.

Ardian, Meridiam, CDC Group, CNP Assurances SA (ENXTPA:CNP) and Global Infrastructure Management, LLC completed the acquisition of Water and Recycling & Recovery Businesses of Suez SA from Veolia Environnement S.A. (ENXTPA:VIE) on January 31, 2022.