Veolia to Sell Vigie’s UK Waste Business to Macquarie

August 11, 2022

Cleary Gottlieb is representing Veolia Environnement (Veolia), the global leader in environmental services, in its sale of Vigie’s (formerly Suez) UK waste business to Macquarie Asset Management (Macquarie).

Veolia and Macquarie have signed a unilateral put agreement under which Macquarie irrevocably undertakes to acquire 100% of the share capital of Suez Recycling and Recovery UK Group Holdings Ltd, regrouping Suez waste activities in the UK. The sale proceeds will be approximately €2.4 billion.

As part of the antitrust divestment program following the merger of Veolia and Vigie in 2021, the sale of Vigie’s UK waste business to Macquarie allows Veolia to effectively address the main concerns of the UK Competition and Markets Authority (CMA) arising from its investigation into the completed merger.

The transaction remains subject to CMA approval and to the right of first refusal granted to Suez at the time of the merger in 2021.

Macquarie is a global asset manager providing access to specialist investment expertise across a range of capabilities, including infrastructure, green investments, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income, and multi asset solutions.