Veolia Announces an Agreement to Sell Vigie’s1 UK Waste Assets to Suez, Following Suez Exercise of Its Right of First Refusal
22 Settembre 2022 - 8:56AM
Business Wire
Regulatory News:
Veolia (Paris:VIE) takes note that Suez S.A. (Suez) has
exercised its right of first refusal in respect of Vigie’s UK waste
business and announces a unilateral put option agreement execution
between Suez and Veolia under which Suez undertakes to acquire 100%
of the share capital of Suez Recycling and Recovery UK Group
Holdings Ltd. for an amount of £2 billion. The cash proceeds from
the transaction represent an attractive valuation of 16.9 times
2021 normalized EBITDA.
The exercise of its first refusal right by Suez follows Veolia’s
announcement of its agreement to sell Vigie’s UK waste business to
Macquarie made on August 8th.
The total amount of the antitrust divestments, amounting to
approximately €3.4 billion, and in particular this latest
transaction, will bring Veolia's debt leverage significantly below
3x.
“The progress of the merger with Suez, which began last January,
continues to demonstrate the relevance and value-creation capacity
of our project to create the global champion of ecological
transformation in the context of a strong climate and ecological
emergency. The cash proceeds from the antitrust divestments will
allow us to reduce the debt leverage and will provide Veolia with
additional capacity to finance growth in high value-added markets,
said Estelle Brachlianoff, Chief Executive Officer of
Veolia. We are satisfied that this disposal addresses the main
concerns of the UK competition authority. The UK will remain an
important region for Veolia where we will continue to implement
sustainable and competitive ecological transformation solutions as
a leading player in the local waste management market with revenues
of €2 billion.”
The completion of the transaction is subject to the CMA’s
approval.
Veolia group aims to be the benchmark company for
ecological transformation. With nearly 179,000 employees worldwide,
the Group designs and provides game-changing solutions that are
both useful and practical for water, waste and energy management.
Through its three complementary business activities, Veolia helps
to develop access to resources, preserve available resources, and
replenish them. In 2021, the Veolia group provided 79 million
inhabitants with drinking water and 61 million with sanitation,
produced nearly 48 million megawatt hours and recovered 48 million
tonnes of waste. Veolia Environnement (Paris Euronext: VIE)
achieved consolidated revenue of 28.508 billion euros in 2021.
www.veolia.com
1 Vigie S.A., the subject to Veolia Environnement’s takeover
bid, was formerly known as Suez S.A.
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version on businesswire.com: https://www.businesswire.com/news/home/20220922005393/en/
Group’s media relations Laurent Obadia - Evgeniya
Mazalova Mathilde Bouchoux presse.groupe@veolia.com
Analysts & Investors Ronald Wasylec - Ariane de
Lamaze Tel. + 33 1 85 57 84 76 / 84 80
investor-relations@veolia.com
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