SKion Water is the water technology platform of SKion GmbH, the investment company of Susanne Klatten, and yes, that is the BMW heiress. It is, by my count, the most prolific private buyer of water companies you have never read a deal price for. My Leviathan database holds 32 SKion-family acquisitions from 2012 through 2024, Ovivo and Paques included, and exactly one purchase has a disclosed price. In December 2025, the quiet compounder did something loud: it sold Ovivo’s Electronics division to Ecolab for roughly 1.8 billion dollars in cash, about twelve times the only price it ever disclosed paying. Three months later, SKion Water’s CEO Reinhard Hübner took over as Ovivo’s CEO to rebuild it. I have had him on my podcast three times since 2022, so let us replay the tapes against my database: what he said, what he bought, why he sold, what comes next.

Who owns SKion Water?

SKion Water is a subsidiary of SKion GmbH, the wholly-owned investment company of Susanne Klatten, daughter of Herbert and Johanna Quandt and holder of about 19% of BMW. Said plainly: the BMW fortune has spent thirteen years quietly building a water empire.

The man running it never planned to be there. Reinhard Hübner is an operations guy with a PhD in mathematical optimization who spent almost two years inside Thames Water working on leakage, hired into SKion in 2010 because Klatten, as he tells it, did not want an investment banker running her water bets but somebody with an industrial background.

He built what finance people call a platform, a holding company that grows by buying companies and keeping them rather than flipping them, and it is evergreen: one family’s permanent capital, no fund clock. The first water moves in 2012 were minority bets, 20% of the Dutch biotech specialist Paques and a stake in Turkey’s Miranda, and only later was the portfolio grouped into SKion Water as one umbrella, as Reinhard tells it on my 2022 tape, after SKion was named Water Company of the Year.

How many water companies does SKion Water actually buy?

On my 2022 tape, Reinhard gave me the number: “We buy 4 to 8 companies every year. Some of them are publicly announced, some not, or just announced at the local markets…” My deduped Leviathan database shows 32 SKion-family acquisitions from 2012 through 2024, 17 direct and 15 through portfolio companies, with five-deal peaks in 2019 and 2022.

My count and his do not match, so let me walk the gap. The twelve months before the conversation I published in May 2024 show three on the public record: Sanpure in India, VIGAflow in Chile, E2metrix in Quebec. Reinhard says four; his own 2022 caveat reconciles it: some deals are never announced, and a public-record database structurally undercounts a buyer who does not brag. I also removed eight duplicate records my own pipeline had double-ingested before quoting anything (counting is harder than it looks, for me too).

A bolt-on is a smaller acquisition by a company you already own, and SKion runs on them: Ovivo alone made six since 2018, the same pattern H2O Innovation ran for 25 years.

What SKion looks for before it buys

“In a technology acquisition, you have to get your head around the technology,” Reinhard says, and he means it physically: sometimes SKion buys one unit of a machine and tests it before buying the company, and he once put on the gear for digester diving himself (a real job, look it up, and pray you never need it). The scope rule is just as plain: “At heart, we are a treatment company,” meaning water and wastewater treatment plus the services and consumables around it, and explicitly not pipes and networks.

And then there is the discipline rule, which is where his dry side shows, because some business plans he gets pitched assume revenue physics nobody has ever observed.

His own distinction is worth keeping: with a system integrator, the reference plants tell you whether they can do the job, while a new technology has to prove itself across many different applications before you can trust it.

Who sells their water company to SKion?

At least 9 of the 32 acquisitions in my database have a documented family or founder on the selling side. ENWA came from the Hanssen family explicitly as a succession-planning sale, GEAL from its two founders, Malmberg Water from a family-owned Swedish group, and the founders of Faxon and Sanpure both stayed on as shareholders. Succession, much more than auctions, is this platform’s native deal flow.

On the 2025 tape, Reinhard explained why that works, the closest thing to a sales pitch I ever heard from him. SKion will never be the highest bidder, he says, because it sells permanence instead: by his telling, nobody left Ovivo after SKion bought it off the stock market. Then comes the line I keep replaying.

A succession sale, to give it its name, is a founder or family handing over a business they cannot or do not want to run into the next generation, and it is the one situation where the buyer’s story can beat the buyer’s price. If you want to see who else hunts in that pond, I keep a map of every investor active in water tech.

What is the turnover of SKion Water?

There are no public filings, because SKion Water is private, so the only first-party numbers in existence are on my tapes. On the 2024 one, Reinhard told me: “If you take 2020 as a reference year, we almost tripled in turnover between 2020 and now. We were $500 million-ish in 2020. We’re $1.4 billion budgeted this year.” The 2025 tape adds the proof-of-method on one branch: EnviroChemie had 90 million euros of turnover when SKion bought it in 2013, and the group around it does 350 million today.

Stranger still is how little machinery sits on top. SKion Water is a decentralized holding, meaning the companies keep their names, management, and culture, and the center stays so thin that a group budgeted at 1.4 billion dollars had, by Reinhard’s own 2025 account, no group treasury at all. The price of that choice is real, since European reporting rules like CSRD assume a center that produces paperwork, so a SKion Water Academy now trains the companies instead.

Why did SKion sell Ovivo’s Electronics business to Ecolab?

On August 12, 2025, Ovivo and SKion announced the sale of the Electronics division (ultrapure water for chipmakers) to Ecolab; it closed December 16, 2025, for roughly 1.8 billion US dollars, all cash. For scale: the 2016 take-private, alongside Quebec pension fund CDPQ (30%), paid C$4.00 a share, about 185 million Canadian dollars (142 million US then), the only price SKion ever disclosed. Quick maths: 1.8 billion over 142 million means one division sold for over twelve times the entire company’s 2016 valuation.

Why sell, when the pitch is permanence? The market answer, 2025: “valuations have gone up to a level that personally I think long-term is not healthy,” which politely means: offered silly money, even a permanent owner does the math. His portfolio answer was already on my 2022 tape.

A carve-out is selling one division while keeping the rest; this one cut cleanly because semiconductor water shared nothing with its siblings; Ecolab’s release names its motive: a bigger position along the AI value chain. I dissected the consequences in What the Ovivo Deal is Changing for YOU, and the next one is a click away subscribe.

What happens to Ovivo now?

Three weeks before the deal closed, I sat with Reinhard and the Ovivo team, and he set a clock on the record: “In 10 years, Ovivo will be back at the size where it is today. No doubt.” The ingredients he names are specific: Cembrane’s silicon carbide membranes rolled out across the whole group, PFAS destruction as a second growth engine, and a North American industrial business modeled on Europe’s 350-million-euro EnviroChemie group, targeted at 200 to 300 million dollars. His timeline answer could come from a project manager: “Give me 18 [months], because first we need to close the transaction.”

The carve-out mechanics are unglamorous and he does not hide them: transition services, the contractual period where the seller keeps running systems for the buyer, people moving between entities, plus the odd bonus that Ovivo’s head office, drilled by listed-company years, now lends the group capabilities it never built. Then, four months after our conversation, came the kicker: on March 31, 2026, Reinhard himself took over as Ovivo’s CEO, succeeding Marc Barbeau, on top of his SKion Water duties. The man who opened my 2022 tape with “I’m not an investor” went from operator to investor and back to operator, and he owned his words doing it.

Scoring the slowdown promise, two years on

This has become a running gag between us, and I planted it in the episode’s cold open: every conversation with Reinhard or his colleague Dirk Brusis starts with some variant of “actually, we are slowing it down a bit.” Then, minutes later in the same conversation: “We did 4 acquisitions, there’s 2 more in the pipeline.”

So let us score the May 2024 claims with two years of hindsight. Pipeline deal number one materialized four months later, when Malmberg Water joined through ENWA in September 2024, a lovely Russian doll given that ENWA itself had only been bought the year before. Pipeline deal number two never surfaced publicly, which means it either quietly closed or quietly died, and I genuinely cannot tell you which. And 2025 closed with zero visible acquisitions and one 1.8 billion dollar sale, so the slowdown finally arrived, in the loudest way available to a quiet company, though his own wave theory (“you acquire and then at some point you also have to do the homework”) plus the 18-month rebuild clock say the machine restarts soon.

What does the EPA’s PFAS rule have to do with a German buyer?

On April 10, 2024, the US EPA announced the first federal drinking water limits for PFAS, the synthetic “forever chemicals”: 4 parts per trillion for PFOA and PFOS, with compliance due by 2029. A part per trillion is roughly one drop in twenty Olympic pools. Days later, at the Global Water Summit in London, Reinhard said the quiet part: “It’s hard to achieve and it’s impossible to pay for, but PFAS is a real problem…”

By May 2026, the EPA had come most of the way to his position, proposing to keep the PFOA and PFOS limits but extend compliance to 2031, and to rescind the other compounds’ limits entirely. The affordability call aged well, and it explains the buying: SKion first invested in, then acquired E2metrix, the Quebec electrochemical PFAS-destruction company, because destroying the molecule where you catch it beats trucking contaminated filter media around. On the 2025 tape, PFAS is an Ovivo rebuild pillar, with the know-how sitting squarely in North America (“nobody knows more about PFAS than these guys here”, and, as he corrected himself, girls).

The buyers’ leaderboard nobody publishes

Since I have the database open anyway, here is SKion next to everyone else, because the biggest buyers in water are not who you think. By distinct targets 2012 to 2025 in my Leviathan database, the volume kings are utility consolidators and point-of-use roll-ups: American Water 145, Essential Utilities 128, Waterlogic 99. A roll-up is the strategy of buying many small similar businesses to build one big one, and buying ten municipal systems a year, every year, is a different sport from buying technology companies.

Filter for the technology game SKion actually plays and the tier reads: Suez 48, the engineering consolidator Stantec 48, Evoqua 28 before Xylem absorbed it in 2023, and SKion right among them with 30 distinct targets across its 32 deals. One difference: every other name there publishes prices, files accounts, or answers to shareholders, while SKion discloses essentially nothing and answers to one family. Which is why you read it the way we just did: three tapes, four years apart, checked against a deal graph it never knew existed.

FAQ

Who owns SKion Water?

SKion Water is a subsidiary of SKion GmbH, the investment company wholly owned by Susanne Klatten, the BMW heiress and Germany’s wealthiest woman. It groups her water technology holdings (Ovivo, Paques, EnviroChemie, ELIQUO, Adasa, ENWA, and others) under one umbrella, led by Reinhard Hübner, who has run Klatten’s water investments since 2010.

What is the turnover of SKion Water?

No public filings exist. The only first-party figures are Reinhard Hübner’s statements on my podcast: roughly $500 million in 2020 and $1.4 billion budgeted for 2024, before the 2025 sale of Ovivo’s Electronics division removed a large semiconductor-water business from the group.

Who owns Ovivo?

SKion Water has owned Ovivo since the 2016 take-private (70% at first, 100% since 2020, after buying out partner CDPQ). Ovivo’s Electronics division was sold to Ecolab in December 2025; the rest of Ovivo remains a SKion Water company, with Reinhard Hübner as CEO since March 2026.

How many companies does SKion Water buy per year?

Reinhard Hübner’s own figure is 4 to 8 per year, including deals that are never publicly announced. My Leviathan database verifies 32 SKion-family acquisitions from 2012 to 2024, averaging about 2.5 visible deals per year with peaks of five in 2019 and 2022.

Why did SKion sell Ovivo’s Electronics business?

Two reasons on tape, one in Ecolab’s release: semiconductor ultrapure water shared zero overlap with the rest of the portfolio, valuations had risen to levels the CEO called long-term not healthy, and Ecolab paid roughly $1.8 billion in cash to extend its AI-and-semiconductor water platform.

Will Ovivo grow back after the Ecolab deal?

That is the stated plan: “back at the size where it is today” within ten years, built on Cembrane’s silicon carbide membranes, PFAS destruction, and a new North American industrial water business targeting $200 to 300 million in turnover, with Reinhard Hübner now running Ovivo directly.

The thing to watch is the deals nobody announces

I will leave you with the two bets Reinhard says come next. One is water recycling, since “the water is running out in many places,” and he now counts Germany among them, a sentence he admits he never expected to say. The other is modular, off-site plant building, factories assembling treatment plants from forty-foot modules so nobody has to run a multi-year construction site inside a customer’s facility. Map those two onto a fragmented industry where maybe a hundred companies worldwide have the profile to become platforms (I ran that screen in my newsletter, and the bottleneck is real), and you get a fairly precise picture of SKion’s next decade: more family successions, more quiet local-market deals, and somewhere down the line, the rebuilt Ovivo proving the model twice. The press releases will tell you almost nothing, and that is rather the point: with SKion Water, the deals worth knowing about are precisely the ones nobody announces, which is why I will keep my database open and the microphone on.

Sources

1. Bloomberg Billionaires Index, “Susanne Klatten” · www.bloomberg.com
2. SKion Water, “About us” · www.skionwater.com
3. Ecolab, “Ecolab Closes Acquisition of Ovivo’s Electronics Ultrapure Water Business”, December 2025 · www.ecolab.com
4. Evertiq, “Ecolab to acquire Ovivo’s electronics business for $1.8 billion”, August 15, 2025 · evertiq.com
5. Ovivo, “Ovivo announces Completion of Acquisition by SKion and la Caisse”, September 2016 · www.ovivowater.com
6. Water Online, “SKion And La Caisse Partner To Acquire Ovivo For Cash Consideration Of $4.00 Per Share; 38% 30-Day VWAP Premium”, July 2016 · www.wateronline.com
7. PE Hub, “Ovivo to be acquired by SKion, CDPQ in $185 mln deal”, 2016 · www.pehub.com
8. SKion Water, “Malmberg Water becomes part of ELIQUO”, September 17, 2024 · www.skionwater.com
9. Ovivo, “Ovivo Announces Leadership Transition”, January 2026 · www.ovivowater.com
10. Smart Water Magazine, “Marc Barbeau to step down as Ovivo CEO, Reinhard Hübner named successor”, January 2026 · smartwatermagazine.com
11. Federal Register, “PFAS National Primary Drinking Water Regulation”, April 26, 2024 · www.federalregister.gov
12. US EPA, “Proposed PFOA and PFOS Compliance Extension Rule”, proposed May 18, 2026 · www.epa.gov
13. US EPA, “EPA Announces It Will Keep Maximum Contaminant Levels for PFOA, PFOS”, May 2025 · www.epa.gov
14. White & Case, “EPA partially rolls back PFAS drinking water rule”, 2026 · www.whitecase.com

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And here is the part that makes this more than a nice growth story: under private equity ownership, the buying has not stopped. So how does a mid-cap company actually out-buy the giants, and what happens when someone bigger buys you? Guillaume Clairet, H2O Innovation’s COO, walked me through the whole machine on the podcast, and I ran his claims against my own M&A database. They check out, and then some.

H2O Innovation: three pillars, one new owner

Founded in 2000 in Quebec City, H2O Innovation runs three pillars: water treatment systems, specialty chemicals and consumables, and operation & maintenance services. In December 2023, the private equity firm Ember Infrastructure took the company private at C$4.25 per share, a premium of roughly 68%, ending more than two decades on public markets.

Now, “take-private” is one of those finance terms that sounds more dramatic than it is: a buyer purchases all the publicly traded shares, the stock gets delisted, and the company keeps operating with one owner instead of thousands. What it changes is the clock speed. A public board answers to quarterly earnings, and a PE owner answers to a five-to-ten-year plan. And if you wonder why a fund came knocking in the first place, Guillaume’s answer is refreshingly unstrategic: they met the way everyone meets in this industry.

Rare asset is not him bragging, by the way. A $200 to $300 million water company sits in a strangely empty part of the market, as he puts it: “there’s really big ones and then the tiny ones.” I found that empty middle fascinating enough to once dig out the yearly revenues of 2,587 water companies and map it myself I Investigated 2587 Water Companies, and if you would rather not miss the next edition, subscribing costs you exactly one click subscribe. That scarcity is also what put H2O Innovation on the radar of private equity funds hunting in water.

How many companies has H2O Innovation acquired?

As you know, I’m fun at parties, so I’ve taken down every M&A move that closed in the water sector since the year 2000 and turned it into a section of my Leviathan database. So when Guillaume started counting acquisitions on the podcast, I checked (to get additional clarity, you understand) and found 19 water-sector acquisitions between 2002 and 2026, with US$99.2 million in disclosed consideration across the 16 deals that have a published price (and a few more that were never disclosed). I verified that count the hard way, deduplicating overlapping records deal by deal, so when I say 19, it is 19. The company itself says about 20, and both numbers are right.

The maple-factory origin story

Because here is the origin story, and I promise it is worth the detour: the very first thing H2O Innovation ever bought was a factory in Victoriaville that built small reverse osmosis systems for maple syrup producers. The young membrane company needed a place to manufacture, the factory had the welders, the automation, the control panel shop, and from one day to the next, a university project could ship water treatment systems. The maple business came along in the deal, and it never left. So when Guillaume counts “soon to be at 20 acquisitions” on the podcast, he is counting from the maple factory; my 19 counts the water-sector deals that followed. And yes, a water company still sells maple equipment, because it kept growing, and nobody walks away from growth out of thematic purity.

That sounds like a lot of buying, so let us put a yardstick on it: US$99.2 million across 16 priced deals is an average of about US$6 million per acquisition. Many single funding rounds in water tech’s venture market are bigger than that. The playbook was never about writing big checks.

What is a sole-source deal, and why does H2O Innovation love them?

A sole-source deal is an acquisition negotiated directly between buyer and seller, with no auction, no bidding war, and no investment bank running a structured process. Of H2O Innovation’s 19 verified acquisitions, exactly one shows a documented competitive process in my records; 14 are evidenced or structurally bilateral, meaning negotiated directly with the seller, and 9 of the 19 used earn-outs.

I will let Guillaume describe the machine himself, because this is the single most quotable minute of the episode.

If you come from tech investing, this is the off-market deal, the pre-empted round, the house bought before the listing went up. And my database says the rhetoric is real: the one banker-run exception was Genesys in 2019, which happens to be one of the largest deals on the list at US$21.7 million. Everything else with evidence was a founder conversation. The earn-out, where part of the price is paid later based on how the business performs, shows up in about half the deals, and that is exactly the structure you would expect when two parties price a company over coffee instead of through an auction. There is even an internal machine for it: an H2O M&A funnel with a senior VP of M&A, separate from Ember’s own funnel.

Is H2O Innovation a roll-up?

Short answer: closer to platform building than to a classic roll-up. A roll-up strategy buys many companies in the same segment to merge them into one bigger entity, often betting that the combined business trades at a higher valuation multiple than the parts. The playbook field in my database reads differently for these 19 deals: 9 add-ons, 6 strategic acquisitions, 2 platform builds, 2 unrecorded.

The distinction matters because pure roll-ups have a rough history, in water as anywhere else. My favorite cautionary tale runs through this exact industry: in 1990, Dick Heckmann bought a struggling little outfit called American Toxxic for US$1.6 million, built it into US Filter through roughly 260 acquisitions, and sold the whole thing to Vivendi for US$6.2 billion in 1999. The asset then lost most of its value, changed hands twice, resurfaced as Evoqua, and in 2023 merged into Xylem at a US$7.5 billion valuation, which works out to more than 4,000 times Heckmann’s starting ticket. Serial acquisition built that company and nearly destroyed it twice. As Reinhard Hübner, who built a $1 billion water revenue company from scratch, put it on the podcast, “the industry is indeed consolidating and it has had consolidation runs before,” and US Filter is the example everyone names. (Reinhard’s SKion Water has since received its own deep dive: 32 quiet deals and one $1.8 billion exit.) H2O Innovation is, at its core, a membrane company.

What separates H2O Innovation from that history is pace and digestion. “We take our time. We take time to integrate,” Guillaume says, and the integration philosophy is deliberately soft: keep the people, keep the channel partners, keep respected brands like Piedmont alive rather than killing them for a tidy logo slide.

How do water companies grow when organic growth is slow?

Water demand compounds faster than water revenue. The editorial line I keep coming back to is that revenue in this sector grows linearly while need grows exponentially, and that structural mismatch is something tariff increases alone cannot close. So a water company that wants to grow fast has exactly two lanes, and H2O Innovation’s answer is to drive in both at once.

And the supply side of this market quietly cooperates. Strategic giants tell small water companies to come back when they are bigger; Karl Michael Millauer, the M&A consultant with 35 water companies on his sell list, says founders hear exactly that, then spend a year or two discovering their real valuation. Which means a disciplined mid-cap with a reputation for closing, for keeping teams, and for paying fairly through earn-outs gets first call on targets the giants never see. The pipeline advantage compounds the same way the revenue does.

What happens when the acquirer gets acquired?

Going private did not stop the machine, and that is the cleanest evidence that the playbook is the asset. Under Ember Infrastructure, H2O Innovation bought NextEra Distributed Water in 2024, Lama Sistemas de Filtrados in September 2025, announced as its 20th deal in 25 years, and in May 2026 announced the acquisition of bestUV, a Dutch UV specialist that founds a whole new disinfection business unit.

In PE language, H2O Innovation is now a platform, the anchor company a fund builds on through further add-ons (a move I dissected in my newsletter on the three PE strategies reshaping water tech, with Ember and H2O Innovation as exhibit one). Ask Guillaume what changed in the deal flow and the answer is, charmingly, not much:

The owner changed, the funnel stayed. Ember bought a company whose product, in a very real sense, is the ability to buy companies well. As Guillaume puts it: “That’s one of the reasons why they were interested in us in the first place.” For the funds watching the water sector, that is the lesson worth stealing: in water, the durable moat was never one technology. It was the relationships that let you buy the next one over coffee.

FAQ: H2O Innovation and the acquisition playbook

Who owns H2O Innovation?

Ember Infrastructure, a New York private equity firm, has owned a majority of H2O Innovation since December 2023. Investissement Québec and CDPQ (Québec’s two big public investment funds) rolled their shares over alongside the management team; together they retain roughly 21%.

How many companies has H2O Innovation acquired?

My Leviathan database verifies 19 water-sector acquisitions between 2002 and 2026, totaling US$99.2 million in disclosed consideration across 16 priced deals. The company counts about 20, which includes the founding purchase of the Victoriaville factory that started the business.

Is H2O Innovation publicly traded?

Not anymore. The company traded in Toronto (latterly as TSX: HEO) until December 2023, when Ember Infrastructure’s take-private at C$4.25 per share closed and the shares were delisted from all exchanges.

What is a sole-source deal?

A sole-source deal is an acquisition negotiated directly between one buyer and one seller, without an auction or a bank-run sale process. Only 1 of H2O Innovation’s 19 verified acquisitions shows a documented competitive process; the rest of the evidenced deals were sourced through direct relationships.

What is due diligence in mergers and acquisitions?

Due diligence is the structured verification a buyer performs before closing: finances, contracts, customers, liabilities, people. Guillaume Clairet’s version is more human: sole-source conversations leave room for the tough conversations about fit and synergies that a tightly run auction process tends to squeeze out.

What are acquisitions in business?

An acquisition is one company purchasing another, either its shares or its assets. Buyers distinguish bolt-ons and tuck-ins (small additions to an existing platform) from strategic or platform acquisitions that open a new market or business line. H2O Innovation’s verified mix: 9 bolt-ons, 6 strategic, 2 platform builds.

Guillaume has lived the startup years, the TSX listing, the take-private, and now the platform era, which is exactly why his read on the next milestone carries weight: the stated ambition is a billion-dollar water company by the end of the decade, and after walking through 19 verified deals, I genuinely cannot tell you whether that number is ambition or just math. Listen to the full conversation with Guillaume Clairet on the (don’t) Waste Water podcast, and tell me in the comments which water mid-cap you think gets bought next.

Sources

1. Leviathan, the (don’t) Waste Water water M&A database, verified 2026-06-09/10: 19 acquisitions, US$99,238,486 disclosed across 16 priced deals; process classification 1 banked / 14 bilateral / 4 undocumented; earn-outs 9 of 19; playbook mix 9 add-ons / 6 strategic / 2 platform / 2 unrecorded.
2. Podcast quotes: (don’t) Waste Water S13E20, Guillaume Clairet, COO, H2O Innovation; Reinhard Hübner and Karl Michael Millauer episodes, via Leviathan, the (don’t) Waste Water water M&A database, verified 2026-06-09/10.
3. Business Wire, “H2O Innovation Signs Definitive Agreement to Be Acquired by Ember Alongside IQ, CDPQ and Management” (October 3, 2023), businesswire.com, and “Ember Completes Take Private of H2O Innovation” (December 7, 2023), businesswire.com, retrieved 2026-06-10.
4. Business Wire, “H2O Innovation Acquires Lama to Expand Global Filtration Solutions” (September 22, 2025), businesswire.com, retrieved 2026-06-10.
5. bestUV acquisition announcement, bestuv.com, retrieved 2026-06-09.
6. A Simple Model, “Acquisition Ace: Dick Heckmann,” asimplemodel.com, and Xylem, “Xylem To Acquire Evoqua in $7.5 Billion All-Stock Transaction” (January 23, 2023), xylem.com, both retrieved 2026-06-10.

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