BY Fraser Tennant
In its biggest and most transformative acquisition since 2022, French energy services group Veolia is to acquire US-based hazardous waste company Clean Earth from environmental company Enviri for $3bn.
Under the terms of the definitive agreement, Enviri shareholders will receive a cash consideration of $14.50 to $16.50 per share in the transaction, which has been unanimously approved by the boards of directors of both Enviri and Veolia.
Once complete, the transaction will double Veolia’s US hazardous waste footprint to create a number two player in a fast-growing sector, with a nationwide operational platform, wider market coverage and an advanced portfolio of technical capabilities.
The acquisition also represents a significant boost of Veolia’s anchoring in the US and in hazardous waste activities, both identified as key priorities as part of the company’s GreenUp strategic plan.
“In line with our GreenUp focus on growth boosters, this acquisition is a major step in the transformation and strengthening of our financial profile,” said Estelle Brachlianoff, chief executive of Veolia. “It allows us to unlock the full value potential of our US hazardous waste activities and to double our size on this critical fast growing sector.”
The hazardous waste treatment sector is particularly robust, especially in the US, where it is outperforming a challenging economic environment and is considered an essential service for key industries, particularly those undergoing transformation or reshoring production, such as advanced manufacturing, semiconductors, clean-energy production, healthcare and pharmaceuticals.
“This agreement is the result of a comprehensive strategic alternatives process to maximise value for our shareholders and realise the sum of the parts valuation of our businesses,” said Nick Grasberger, chairman and chief executive of Enviri. “This transaction is a testament to our team’s dedication and leadership, and we are confident that the business and its employees will prosper as part of Veolia.”
The transaction is expected to close in the middle 2026, subject to the satisfaction of customary conditions, including approval by Enviri’s shareholders and receipt of necessary authorisations and regulatory approvals.
“The continued transformation of our portfolio enhances the growth profile and strength of our group, uniquely positioned to tackle the sustained demand for environmental security,” said Ms Brachlianoff. “This transaction offers a solid value creation potential with significant synergies.”
News: France's Veolia to buy hazardous waste group Clean Earth for $3 billion