VEOEY - Veolia to sell Suez's UK waste business to Macquarie for Euro2.4B

• Veolia ( OTCPK:VEOEY ) has executed a unilateral put agreement whereby Macquarie Asset Management irrevocably undertakes to acquire 100% of the share capital of Suez Recycling and Recovery UK Group, regrouping Suez waste activities in the UK.
• The sale proceeds will amount to ~€2.4B represent an attractive valuation of 16.9 times 2021 normalized EBITDA.
• The disposal of Suez's UK waste business addresses the main concerns of the UK competition authority.
• The reduction in leverage to well below 3x will provide Veolia  with additional capacity to reinvest in its strategic projects.
• Following completion of this antitrust remedy, Veolia will remain a major player in the UK waste management market with revenues of approximately €2 billion.
• Less than a year following the closing of the Suez takeover bid, the antitrust divestment programme is close to full completion. It represents a cumulative value of approximately €3.4B and it has been carried out at valuation levels that allow for immediate and substantial value creation.

For further details see: