Aug 24, 2020, 07:00 EST
Bronx, United States, Aug 24, 2020, 07:00 /Comserve / -- SUEZ has announced that it has entered into an exclusive agreement with Veolia to sale of its French subsidiary OSIS. According to SUEZ, this was the first major announcement in a plan to sell assets worth EUR 3-4 billion.
Paris, 18 Aug. 2020 -- SUEZ has announced that it has entered into an exclusive agreement with Veolia to sale of its French subsidiary OSIS. According to SUEZ, this was the first major announcement in a plan to sell assets worth EUR 3-4 billion. This comes after going through a first-half loss of EUR 538 million.
Veolia has been in talks to buy OSIS from rival SUEZ for around EUR 298 million (around USD 354 million), the French water and waste management utility announced on Tuesday. This agreement will help create a stable future for OSIS. The transaction is expected to be completed in the first half of 2021.
Veolia has functional expertise in industrial and sanitation maintenance through its subsidiary Société d’Assainissement Rationnel et de Pompage (SARP). The merger of SARP and OSIS would place the Veolia Group as a prominent player in this field. It would help both the organizations to offer new services to their public and industrial sector customers. SARP mainly operates in France and records a consolidated revenue of around EUR 450 million and has upwards of 3,800 employees.
With around 2,500 employees located in more than 130 local service centers in France, OSIS operates business segments like industrial cleaning, sewerage, and liquid waste collection, and hygiene building. With more than a century of experience, OSIS has developed specialized equipment and reliable expertise to help its diverse customer portfolio. In 2019, OSIS reported c.€ 311 million revenue and on a pro forma adjusted basis c. € 23 million EBITDA.
This transaction is the first significant announcement that concerns SUEZ’s asset rotation program intending to align its activities around the “Shaping SUEZ 2030” strategy. “Shaping SUEZ 2030” is a strategy by the Group that aims to prepare them for the next decade’s challenges and opportunities. The plan is to enhance value creation for all stakeholders over four years, with results expected as early as 2021. The project aims to position SUEZ as the global leader in environmental services.
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