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Antitrust Remedies: Veolia and Saur Sign an Agreement to Sell Veolia's Mobile Water Services Business in Europe to Saur
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Veolia continues to execute antitrust remedies related to its merger with Suez, signing a unilateral put agreement with Saur to sell its mobile water services business in Europe for approximately €190 million. This transaction is pending consultations with employee representatives and regulatory approvals. Claude Laruelle, CFO, emphasized the transaction's alignment with their commitments to the European Commission and the ongoing attractiveness of the assets being divested. Post-transaction, Veolia aims to strengthen its position in the mobile water market, integrating ex-Suez assets.
Positive
Sale of mobile water services business generates approximately €190 million.
Transaction aligns with commitments to the European Commission, signaling compliance and strategic progress.
Post-sale, Veolia remains a major player in the mobile water market, enhancing competitive positioning.
Negative
None.
Veolia continues to implement the antitrust remedies agreed with the European Commission in the context of the merger with Suez, in line with the planned schedule
PARIS--(BUSINESS WIRE)--
Saur and Veolia (Paris:VIE) have signed a unilateral put agreement under which Saur has committed to acquire Veolia's mobile water services business in Europe, which is part of the antitrust remedies required by the European Commission. The value of the sale of the assets amounts to approximately €190 million.
This transaction is subject to the completion of consultations with Veolia's employee representative bodies, as well as to obtaining the necessary regulatory approvals and the lifting of conditions precedent.
"We are pleased of this important step related to the third phase of the divestitures in line with our commitments to the European Commission regarding competition, progressing on schedule, which confirms the attractiveness of the assets we offered to divest," said Claude Laruelle, Chief Financial Officer. "The transaction will be implemented in line with the social commitments announced by Veolia."
Following this transaction, Veolia will remain one of the major players in the water mobile market, notably in Europe, through the integration of ex-Suez’ assets and with the continuous growth of its historical assets in the Middle East, Asia-Pacific and North and South America.
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Veolia group aims to be the benchmark company for ecological transformation. With nearly 230,000 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
