Veolia Agrees to Sell Suez's UK Waste Business to Macquarie for $2.4 Billion -- Update
August 08 2022 - 11:01AM
Dow Jones News
By Ed Frankl and Cristina Roca
Veolia Environnement SA said Monday that it will sell Suez's
U.K. waste business to Macquarie Group Ltd. in a 2.4 billion-euro
($2.44 billion) deal.
The French utility said in June it would sell the business to
satisfy the U.K.'s antitrust watchdog--the Competition and Markets
Authority--which had expressed concerns over the harming of
competition in the supply of water- and waste-management services
in the country.
The sale proceeds represent around 17 times 2021 normalized
earnings before interest, taxes, depreciation, and amortization,
Veolia said.
The deal brings antitrust divestments related to Veolia's
takeover of Suez to around EUR3.4 billion.
The new, standalone Suez--housing a number of Suez businesses
that were sold to satisfy the EU's competition concerns on the
Veolia-Suez merger--said Monday that it will study the
Veolia-Macquarie deal and decide whether to exercise its right of
first refusal over the U.K. waste business.
"Upon receipt of the notification by Veolia, Suez will have the
right within a 30 business days period to acquire those assets from
Veolia with terms and conditions equivalent to the ones proposed by
Macquarie," it said.
The new Suez entity is owned by a consortium of investors
composed of Meridiam, GIP, Caisse des Depots et Consignations and
CNP Assurances.
Write to Ed Frankl at edward.frankl@dowjones.com and Cristina
Roca
(END) Dow Jones Newswires
August 08, 2022 11:46 ET (15:46 GMT)
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