Blackstone, Bain Capital and Clayton, Dubilier & Rice have all launched bids to acquire GE Water for around $3 billion, according to the New York Post. GE (NYSE: GE) is auctioning off the division, a provider of filtering services for fracking water and wastewater, in order to gain regulatory approval for the $32 billion merger of the company’s oil & gas business with Baker Hughes (NYSE: BHI) announced last fall.

GE Water

Of the three potential private equity buyers, Blackstone has the clearest connection to the seller: The firm partnered with Wells Fargo in 2015 to acquire the majority of GE Capital Real Estate in a transaction valued at around $23 billion. The financial behemoth also has some expertise when it comes to water treatment, as Blackstone was part of a consortium that acquired Ondeo Nalco for $4.35 billion in 2003.

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