In $66.5 M deal, Italy’s De Nora will expand its operations in Southeast Asia by acquiring BW Water
In a deal worth between $61.5 million and $66.5 million, Singapore-based BW Water will be fully acquired by Italy-based Industrie De Nora.
Water management firm Industrie De Nora said in a statement on Tuesday that the acquisition would improve its standing in the water treatment industry by fusing its technological prowess with BW Water’s engineering and system integration know-how. The company emphasized that the agreement would increase its footprint in Southeast Asia and facilitate access to projects that call for integrated turnkey solutions.
According to CEO Paolo Dellachà, the deal is in line with De Nora’s long-term water treatment strategy and will help the company grow into markets like semiconductors, desalination, mining, pharmaceuticals, and food.
BW Water, a Singapore-based company with operations in Southeast Asia, the US, Germany, and Italy, offers water treatment solutions. BW Water serves industries such as semiconductors, mining, pharmaceuticals, and food and beverage as an engineering, procurement, and fabrication supplier. The company has production facilities in Germany and Malaysia, as well as an engineering center in the Philippines.
BW Water reported revenue of $91.5 million in 2025, up 7 percent from the previous year and more than double its 2023 revenue of $40 million. As of April 2026, the company’s backlog stood at around $190 million, with projected 2026 revenue of about $130 million.
Industrie expects to generate annual cost synergies of about $7 million over three years following the acquisition. The deal is expected to close on July 1, subject to regulatory approvals.
De Nora said it will finance the acquisition mainly through a €60 million ($69.8 million) term loan facility provided by a group of banks including UniCredit, Banca Nazionale del Lavoro, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo, and Mediobanca.
