French water management, waste management and energy services group Veolia has acquired the U.S.-based hazardous waste company Clean Earth for €2.6bn.
In what it called its biggest acquisition since its merger with waste management company SUEZ, Veolia has entered into an agreement with Enviri to acquire Clean Earth.
Veolia’s Chief Executive Officer Estelle Brachlianoff said the acquisition allows the Group to unlock the full value potential of its US Hazardous Waste activities and to double its size in what they called a ‘critical fast growing sector’.
“We reinforce our global capacities in hazardous waste and further increase our international footprint,” Brachlianoff said.
“Thanks to a de-risked integration process and a strong complementarity between both businesses and teams, this transaction offers a solid value creation potential with significant synergies.”
“It will also unlock a new growth potential for the Group by strengthening our exposure to the most dynamic industries across the U.S., and open up new opportunities for our diversified offerings nationwide.”
Veolia says the acquisition will double its US hazardous waste footprint and make them a number two player in the sector.