Veolia said it will sell Suez’s UK waste business to Australia-based Macquarie Group Ltd for €2.4bn to settle antitrust worries.
The French utility company previously confirmed it wanted to offload the business after the Competition and Markets Authority raised questions over the Veolia/Suez combination.
"Following this transaction, Veolia will remain a major player in the waste sector in the United Kingdom and, more broadly, in the environmental services market in the region, which remains strategic for the group," Estelle Brachlianoff, chief executive, commented.
Brachlianoff insisted she remained “very confident” about gaining all the regulatory approvals surrounding the deal, adding she believes it will complete by the year-end.
She also stated she believes a small asset sale in the industrial water business was required in the UK.
Disposals, worth approximately €3.4bn, would help lessen Veolia’s debt leverage.