SUEZ Acquires former SUEZ's UK Waste Businesses
SUEZ has signed an irrevocable sale option with Veolia for the acquisition of SUEZ’s former waste activities in the United Kingdom (« Suez R&R UK »), for an enterprise value of £2 billion, as part of the commitments taken by Veolia towards the Competition & Markets Authority.
This decision follows the announcement by SUEZ on August 8th of its interest in acquiring the asset and the exercise by SUEZ of its right of first refusal, as provided for in the global agreements previously concluded with Veolia.
This transaction will strengthen SUEZ's activities in the waste management sector and increase the share of its international activities. It is a major step in the implementation of the Group's strategy, as approved by the consortium of its shareholders.
SUEZ R&R UK is the third largest waste recycling and recovery company in the UK, with a unique position in developing new waste treatment activities in line with recent national regulatory developments. The company has a portfolio of more than 25,000 industrial and municipal customers, employs around 6,000 people and generates turnover of more than £900 million.
After consultation, SUEZ’s trade unions unanimously approved this acquisition. SUEZ’s shareholders, Meridiam, GIP, Caisse des Dépôts and CNP Assurances, have given their full support to the transaction.
The acquisition, which has been unanimously approved by SUEZ’s Board of Directors, is subject to the required regulatory approvals.