TortoiseEcofin Announces Constituent Change Due to Merger and Acquisition Activity

Rhea-AI Summary

TortoiseEcofin announced that Suez SA will be removed from the Ecofin Global Water ESG Index due to its merger with Veolia Environment SA. This removal, effective February 18, 2022, follows index rules triggered by corporate actions like mergers. The Ecofin Global Water ESG Index includes companies engaged in water infrastructure and management. The announcement highlights TortoiseEcofin's commitment to essential assets and its role in this significant industry transaction.

Positive

• Removal of Suez SA from Ecofin Global Water ESG Index may lead to enhanced index performance due to reduced constituent weight.
• The merger could create market synergies and expand revenue for Veolia Environment SA.

Negative

• Suez SA's removal from the index may negatively impact its visibility and stock performance.
• Potential integration challenges due to the merger with Veolia Environment SA could strain resources.

LEAWOOD, KS--(BUSINESS WIRE)-- TortoiseEcofin today announced that Suez SA (EN Paris: SEV FP) will be removed from the Ecofin Global Water ESG Index^SM (EGWESG) as a result of the approved merger with Veolia Environment SA (EN Paris: VIE FP). Due to the merger, SEV will be removed from the index at market close on Friday, February 18, 2022.

As per index rules, SEV FP will be removed with a special rebalancing from Ecofin Global Water ESG Index^SM (EGWESG).

Special rebalancings in EGWESG are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.

The Ecofin Global Water ESG Index^SM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.

The Ecofin Global Water ESG Index^SM is the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005975/en/

For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com

Source: TortoiseEcofin

FAQ

Why is Suez SA being removed from the Ecofin Global Water ESG Index?

Suez SA is being removed due to its approved merger with Veolia Environment SA.

When will Suez SA be removed from the Ecofin Global Water ESG Index?

Suez SA will be removed from the index at market close on February 18, 2022.

What is the Ecofin Global Water ESG Index?

It is a proprietary index composed of companies engaged in the water infrastructure or management industries.

What impact does Suez SA's removal from the index have on investors?

The removal may impact Suez SA's visibility and potentially influence its stock performance negatively.

What are the implications of the merger between Suez SA and Veolia Environment SA?

The merger is expected to create synergies and enhance market position but may also lead to integration challenges.