Morgan Stanley Infrastructure Partners has agreed to sell its ownership stake in Seven Seas Water Group to EQT Infrastructure VI fund, according to a May 22 press release.

Seven Seas is a developer, owner and operator of water and wastewater treatment plants across North America, including the U.S., Caribbean and Latin America.

 The company currently has over 220 plants under management, the release stated.

Through its Water-as-a-Service model, Seven Seas services governmental, municipal, industrial and hospitality clients.

Bloomberg reported the deal values Seven Seas at more than $1 billion, including debt.

Seven Seas was a segment of AquaVenture Holdings Ltd. before Culligan bought it in 2020 in a take-private transaction. When Morgan Stanley bought the company, Seven Seas Water expanded its operations in the U.S., particularly in Texas.

The company has a long-term contract with the South Texas Water Authority and recently completed a project for the City of Alice in Texas, the release stated.

“Seven Seas Water exemplifies the infrastructure characteristics we prioritize—essential services, long-term inflation-protected cashflows and operational excellence,” said Alberto Donzelli, managing director and co-head of Europe for Morgan Stanley Infrastructure Partners. “The company’s Water-as-a-Service model has proven highly effective across diverse markets, and we are proud to have supported their evolution into a market-leading platform.”