United Kingdom: Veolia finalizes sale of waste business for £2 billion
(AOF) – Veolia announces the completion of the sale to Suez of 100% of the share capital of Suez Recycling and Recovery UK Group Holdings Ltd. under the antitrust remedies agreed with the UK Competition and Markets Authority (CMA). The spin-off entity consolidates the former waste activities of Suez in the United Kingdom. Proceeds from the sale amount to £2 billion and represent an “attractive” valuation of 16.9 times normalized Ebitda for 2021.
It will bring the cumulative value of antitrust disposals to approximately EUR 3.4 billion and will significantly reduce the group’s debt, providing it with additional investment capacity.
Following this transaction, Veolia will remain the leading player in the UK solid waste management market with revenues of around £1.8bn.
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