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Antitrust Remedies in the United Kingdom: Veolia Completes £2 Billion Sale of Waste Business
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Veolia has successfully completed the sale of 100% of the share capital of Suez Recycling and Recovery UK Group Holdings Ltd to Suez, following antitrust remedies mandated by the UK Competition and Markets Authority. The sale generated proceeds of £2 billion, reflecting a valuation of 16.9 times normalized EBITDA for 2021, contributing to a total of approximately €3.4 billion from antitrust divestments. This deal will notably reduce Veolia's debt and enhance its investment capacity while maintaining its status as the leading player in the UK's solid waste management market, with revenues of around £1.8 billion.
Positive
Sale proceeds of £2 billion enhance investment capacity.
Valuation of 16.9 times 2021 normalized EBITDA indicates strong business performance.
Total antitrust divestment value reaches approximately €3.4 billion.
Veolia remains a leading player in the UK solid waste management market with £1.8 billion in revenues.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
Veolia (Paris:VIE) announces the completion of the sale to Suez of 100% of the share capital of Suez Recycling and Recovery UK Group Holdings Ltd. under antitrust remedies agreed with the UK Competition and Markets Authority (CMA). The divested entity includes the former waste activities of Suez in the United Kingdom.
The sale proceeds amount to £2 billion and represent an attractive valuation of 16.9 times 2021 normalised EBITDA. It will bring the combined value of the antitrust divestments to around €3.4 billion and will significantly reduce the Group's debt by providing it with additional investment capacity.
Upon completion of this transaction, Veolia will remain the leading player in the UK solid waste management market with revenues of approximately £1.8 billion.
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About Veolia
Veolia Group aims to become the benchmark company for ecological transformation. Present on five continents with nearly 220,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew 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
What is the significance of Veolia's sale of Suez Recycling and Recovery UK Group Holdings Ltd on VEOEY?
The sale of Suez Recycling and Recovery UK Group Holdings Ltd for £2 billion significantly improves Veolia's financial position by reducing debt and enhancing investment capacity, crucial for future growth.
How much did Veolia earn from the sale to Suez?
Veolia earned £2 billion from the sale to Suez.
What was the valuation of the deal completed by Veolia on November 2023?
The deal was valued at 16.9 times the 2021 normalized EBITDA.
What is the impact of Veolia's recent sale on its market position in the UK?
Veolia will maintain its leading position in the UK's solid waste management market, generating approximately £1.8 billion in revenues.
