Veolia has agreed to sell Suez Recycling and Recovery U.K. Group to Macquarie Asset Management for €2.4 billion ($2.44 billion).
Veolia said the valuation level of the sale is significantly higher than the acquisition price resulting from the takeover bid.
“We are very satisfied with this transaction, which is being carried out under excellent conditions that once again demonstrate the attractiveness of the environmental services business and the relevance of our proposal for remedies to the CMA,” said Estelle Brachlianoff, CEO of Veolia. “The valuation of these assets reflects both the initial price and the synergies expected from the combination, in line with all of the disposals carried out in the frame of the antitrust clearances, which are higher than the acquisition price of Suez.”
Following completion of the transaction, Veolia will remain a major player in the U.K. waste-management market.
