Veolia Divests Remedy Assets for Merger With Suez
December 12, 2022
Cleary Gottlieb represented Veolia Environnement (Veolia), the global leader in optimized resources management, in its successful c. €920 million divestments of remedy assets approved by the European Commission in order to preserve competition in environmental services following the combination of Veolia and Suez, which closed on November 30, 2022.
The divestments included:
- the c. €690 million sale of certain hazardous waste assets in France to Suez (also known as New Suez) a company owned by Meridiam (40%), Global Infrastructure Partners (40%), French Caisse des dépôts et consignations (12%), and CNP Assurances (8%);
- the c. €190 million sale of Veolia’s mobile water services businesses in Europe to Saur, an integrated water pure player providing services to local authorities and industrial customers; and
- the c. €40 million sale of part of Veolia’s industrial water services businesses in France to Séché Environnement, a French leader in the recovery and treatment of all types of waste for industrial customers and local authorities.