Date: November 21, 2012
Source: Veolia Environnement
Veolia Environnement (Paris, France) said it has completed the sale of its US solid waste business to ADS Waste Holdings for $1.9 billion, which is an important part of its asset divestiture plan to cut debt. The deal won US regulatory approval on Nov. 15 on the condition that certain assets be divested to preserve competition in a few markets. Those include waste collection or disposal assets in northern New Jersey and central Georgia, including the Macon, GA metro area.
Veolia's US deal is part of a larger plan to divest 5 billion Euros ($6.4 billion) in assets by the end of next year. In the second half of this year Veolia sold Ridgeline, a U.S. subsidiary specialized in wind power, to Atlantic Power, and a portion of its operations in Switzerland, a waste-to-energy facility in Italy and all of its operations in Estonia and Lithuania, and Dalkia operations in Switzerland and Estonia. These are in addition to $3.86 billion (3 billion Euros) previously achieved by the divestitures of U.K. regulated Water activities and the U.S. Solid Waste business.
See also: "US Approves Advanced Disposal-Veolia Deal with Some Conditions," (www.wasteinfo.com/news/wbj20121115A.htm), November 15, 2012.
November 21, 2012
Sale of Veolia Environmental Services solid waste businesses in the US to ADS Waste Holdings is complete
Today, Veolia Environnement announced the completion of the sale of the Veolia solid waste businesses in the United States to ADS Waste Holdings, owners of Advanced Disposal Services, Inc. and Interstate Waste Services, Inc., for a total transaction value of $1.909 billion1 (around €1.491 billion).
The U.S. Department of Justice approved the sale on Thursday, November 15, with the condition that certain waste collection assets in northern New Jersey, central Georgia, and the Macon, Ga., metropolitan area are divested to overcome anti-trust concerns.
The completion of this transaction reduced Veolia's net debt by approximately $1.840 billion1 (around €1.440 billion), which contributes to the company's program to divest €5 billion in assets by the end of 2013.
Veolia will continue to grow its hazardous waste and industrial services businesses in North America.
Veolia Environnement is a corporation listed on the NYSE and Euronext Paris. This press release contains "forward-looking statements" within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties in particular include risks related to customary provisions of divesture transactions and those described in the documents Veolia Environnement has filed with the U.S. Securities and Exchange Commission. Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by Veolia Environnement with the U.S. Securities and Exchange Commission from Veolia Environnement.
Veolia Environnement (Paris Euronext: VIE and NYSE: VE) is the worldwide reference in environmental solutions. With more than 330,000 employees the company has operations all around the world and provides tailored solutions to meet the needs of municipal and industrial customers in four complementary segments: water management, waste management, energy management and passenger transportation. Veolia Environnement recorded revenue of €29.6 billion* in 2011.
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