The EQT Infrastructure III fund has entered exclusive negotiations to acquire Holding d’Infrastructures des Métiers de l’Environnement (HIME), the holding company of SAUR Group, a leader in the outsourced French water supply and treatment market, from its current shareholders including BNP Paribas and Groupe BPCE. BNP Paribas will invest as minority shareholder alongside EQT Infrastructure in SAUR.

The transaction, which will be EQT Infrastructure’s first investment in France, will be contingent upon the standard regulatory approvals and is subject to the required Works Councils consultations. The parties have agreed not to disclose financial details related to the transaction. The transaction could be finalized by the end of 2018.

Rothschild is acting as exclusive financial advisor and Clifford Chance as legal advisor to EQT Infrastructure.