Veolia to Sell Suez's UK Waste Business to Macquarie for $2.4 Billion
08 August 2022 - 4:19PM
Dow Jones News
By Ed Frankl
Veolia Environnement SA said Monday that it will sell Suez's
U.K. waste business to Macquarie Group Ltd. in a 2.4 billion euros
($2.44 billion) deal.
The French utility said in June it would sell the business to
satisfy the U.K.'s antitrust watchdog--the Competition and Markets
Authority--which had expressed concerns over the harming of
competition in the supply of water- and waste-management services
in the country.
The sale proceeds represent around 17 times 2021 normalized
earnings before interest, taxes, depreciation, and amortization,
Veolia said.
The deal brings antitrust divestments related to the Suez
takeover to around EUR3.4 billion, reducing Veolia's debt and
providing it with more capacity to reinvest in its strategic
projects, the company added.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
August 08, 2022 02:04 ET (06:04 GMT)
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