Veolia: sells Suez's businesses in UK

(CercleFinance.com) - Veolia has announced the signature of a unilateral purchase agreement by which Macquarie Asset Management irrevocably undertakes to acquire 100% of the share capital of Suez Recycling and Recovery UK Group Holdings Ltd, for approximately 2.
4 billion euros.

The sale of this business, which includes Suez's waste operations in the UK, effectively addresses the main concerns of the UK competition authorities and is subject to their approval.

With this transaction, at a multiple of 16.9x normalised 2021 EBITDA, almost all of the antitrust divestments will have been completed less than a year after the Suez acquisition and on the basis of an average multiple of 15x 2021 EBITDA.

All of these disposals will reduce Veolia's debt leverage significantly below three times and will give it additional investment capacity to finance growth in high value-added markets.



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