French environmental services group Veolia has announced its largest acquisition since the take-over of competitor Suez. The company agreed to purchase US hazardous waste specialist Clean Earth from the industrial services group Enviri for an aggregate cash consideration of $3.04bn. This is equivalent to about €2.6bn at current exchange rates.
Veolia chief executive Estelle Brachlianoff described the transaction as a major important step in the group’s transformation and in strengthening its financial profile. It allows Veolia to "unlock the full value potential” of Veolia’s hazardous waste activities in the United States and double its scale in this rapidly growing segment. Upon completion, Veolia will be "number two player" in the US hazardous waste market, according to Ms Brachlianoff....
