Morocco: Veolia Signs an Agreement to Divest Its Stake in Lydec
06 July 2024 - 3:13AM
Business Wire
Regulatory News:
In accordance with the commitments made to the Moroccan
competition authorities, Veolia (Paris:VIE) announces that it has
reached an agreement with the Moroccan authorities for the sale to
Société Régionale Multiservices Casablanca-Settat of its entire
stake in Lydec, acquired during the takeover of Suez in 2022.
Lydec is in charge of the delegated management of public
services for the distribution of drinking water, electricity,
wastewater and public lighting for the city of Casablanca and its
region.
The transaction is expected to close by the end of 2024, once
all the necessary administrative approvals have been obtained. The
anticipated disposal of Lydec has no impact on Veolia's 2024
financial guidance or on the objectives of Veolia's GreenUp
strategic plan.
Following this transaction, Veolia will remain a major partner
of the Kingdom, present in particular in water and electricity
distribution through its contracts in Rabat, Tangiers and
Tetouan.
"We recognise Lydec's contribution to the development of
essential water and sanitation services in Morocco for more than 27
years. This sale will enable a smooth transition for the benefit of
local populations and will support the establishment of the new
Multiservice regional corporations," said Estelle Brachlianoff,
Chief Executive Officer of Veolia.
ABOUT VEOLIA
Veolia's ambition is to become the benchmark company for
ecological transformation. With nearly 218,000 employees on five
continents, the Group designs and deploys useful, practical
solutions for managing water, waste and energy that help to
radically change the world. Through its three complementary
activities, Veolia contributes to developing access to resources,
preserving available resources and renewing them. In 2023, the
Veolia group served 113 million people with drinking water and 103
million with wastewater services, produced 42 terawatt-hours of
energy and recovered 63 million metric tons of waste. Veolia
Environnement (Paris Euronext: VIE) generated consolidated sales of
€45.3 billion in 2023. www.veolia.com
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GROUP MEDIA RELATIONS Laurent Obadia - Evgeniya
Mazalova Anna Beaubatie - Aurélien Sarrosquy +33 (0) 1
85 57 86 25 presse.groupe@veolia.com
INVESTORS RELATIONS Selma Bekhechi - Ariane de
Lamaze +33 (0) 1 85 57 84 76 investor-relations@veolia.com
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