United Kingdom: Veolia has completed the sale of waste activities to Suez

Sent 5 Dec. 2022 at 18:43

PARIS (Agefi-Dow Jones)–Water and waste management group Veolia announced on Monday that the sale to Suez of 100% of the share capital in Suez Recycling and Recovery UK Group Holdings (Suez R&R UK) has been completed. waste operations at Suez in the United Kingdom, for an amount of 2 billion pounds sterling (approximately 2.3 billion euros).

The proceeds from the transaction represent “an attractive valuation of 16.9 times normalized EBITDA (gross operating profit) for 2021”, Veolia said in a press release.

This sale was intended to address the concerns of the Competition and Markets Authority (CMA), the UK competition authority, regarding the merger of Veolia and Suez.

Now the accumulated value of antitrust divestments amounts to about 3.4 billion euros, Veolia said, adding that this will allow it to “significantly reduce” its debt and acquire additional investment capacity.

“Following this transaction, Veolia will remain the leading player in the UK solid waste management market with sales of around £1.8 billion,” the group said.

Suez R&R UK, which is the third largest waste recycling and recovery operator in the UK, employs approximately 6,000 people with a turnover of more than £900 million.

-Vincent Alsuar, Agefi-Dow Jones; 01 41 27 47 39; valsuar@agefi.fr ed: FXS

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December 5, 2022 12:43 PM ET (5:43 PM GMT)

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