(MENAFN- Trend News Agency)
French utility company Veolia confirmed it would sell Suez's UK
waste business to Australia's Macquarie Group Ltd for around 2.4
billion euros ($2.4 billion), in a deal aimed at resolving
antitrust concerns, Trend reports with reference to Reuters .
'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,' said Veolia chief executive Estelle
Brachlianoff.
Veolia had earlier said that it was proposing to sell off its
former rival, Suez's UK waste business, after Britain's Competition
and Markets Authority (CMA) raised objections to the Veolia/Suez
combination.
'The disposal of Suez's UK waste business addresses the main
concerns of the UK competition authority,' Veolia said in its
statement.
'After the disposal of the remedies agreed with the European
Commission and the signature of the agreement with Macquarie Asset
Management, almost all of the antitrust divestitures will have been
finalized less than a year after the acquisition of Suez,' the
company added.
In December last year, Veolia and Suez won EU antitrust approval
for their 13 billion euro tie-up, after a months-long dispute
including legal action and a move by Suez to ring-fence its French
water business from Veolia, though that was later abandoned after
the companies reached an agreement. read more
The deal was later closed on Jan. 7, with Veolia controlling 86%
of Suez.
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