Sep 10, 2020, 07:30 EST
Bronx, United States, Sep 10, 2020, 07:30 /Comserve / -- French-based Veolia Group has recently announced that it has signed an agreement through its subsidiary, Veolia Ceska Republika to acquire Pražská Teplárenská (PT).
Paris, September 08, 2020: French-based Veolia Group has recently announced that it has signed an agreement through its subsidiary, Veolia Ceska Republika to acquire Pražská Teplárenská (PT).
PT is a subsidiary of the Czech company, ‘Energetický a Průmyslový Holding as’ which is responsible for the district heating network of Prague Rive Droite. The Veolia Group already operates an existing Prague Rive Gauche network so this acquisition will further help to strengthen its presence in energy supplies in the Czech Republic. This transaction would eventually reflect an expected annual turnover of around EUR 230 million for Veolia.
The network operated by PT is currently the biggest heating network in the Czech Republic. With more than 400 employees, PT covers over 550 kilometers to supply heating to 230,000 homes, municipal installations, and tertiary-sector premises on a daily basis.
The transaction amount has not been officially declared yet. The deal is subject to approval by an agreement between two parties and relevant authorities. However, following the acquisition and the establishment of relationships with the respective Czech partners, the aggregate effect on the Group's net debt should be neutral.
According to Philippe Guitard, the Director of the Central and Eastern zone of Veolia, the acquisition will help the company to strengthen its position in Central and Eastern Europe and align with its strategy to improve the management of municipal heating networks and customer offerings through long-term national and local alliances.
Founded in 1853, the Veolia Group is a leader in providing optimized resource management solutions globally. It offers environmental services such as waste, water, and energy management solutions for the sustainable development of industries and communities. According to the latest financial statement, the group reported revenue of EUR 12,412 million during H1 2020 as compared to the previous year’s revenue of the same period which was EUR 13,324 million, a slight decline by (-) 6.8% Y-o-Y. Earlier, the Group has completed several acquisitions, the latest one being the proposal to acquire 29.9% of Suez’s shares from Engie. This cash proposal is priced at EUR 15.5 per Suez shares and is valid until September 30, 2020. In the same month, Veolia also announced the acquisition of the Suez RV OSIS subsidiary to offer its customers an optimized solution in sanitation and industrial maintenance. The transaction was concluded for around EUR 298 million.
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