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8/8, 9:33 AM (Source: TeleTrader)
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Veolia to sell SUEZ' UK waste business for €2.4B

Veolia announced on Monday it reached an agreement to sell Suez Recycling and Recovery UK Group to Macquarie Asset Management for €2.4 billion as part of its antitrust divestment program following the acquisition of SUEZ.

"The completion of this transaction allows to effectively address the main concerns of the UK Competition and Markets Authority (CMA). It remains subject to the CMA’s approval and to the right of first refusal granted by Veolia to the new Suez at the time of the combination in 2021. Following completion of this antitrust remedy, Veolia will remain a major player in the UK waste management market with revenues of approximately €2 billion," Veolia said in a press release.

Veolia and SUEZ agreed to merge in 2021 but EU and UK regulators raised competition concerns about the deal and gave it conditional approval.

Baha Breaking News (BBN) / NP