Mergers and Acquistion : SUEZ acquires former SUEZ's UK waste businesses
On August 8th SUEZ announced its interest in acquiring the asset and the exercise by SUEZ of its right of first refusal, as provided for in the global agreements previously concluded with Veolia.
The acquisition follows the intervention of the the Competition and Markets Authority (CMA) which blocked the merger of Veolia and Suez in the UK because of concern competition would be reduced, particularly in contracts with local authorities.
SUEZ R&R UK is the third largest waste recycling and recovery company in the UK, with a unique position in developing new waste treatment activities in line with recent national regulatory developments. The company has a portfolio of more than 25,000 industrial and municipal customers, employs around 6,000 people and generates turnover of more than £900 million.
After consultation, SUEZ’s trade unions unanimously approved this acquisition. SUEZ’s shareholders, Meridiam, GIP, Caisse des Dépôts and CNP Assurances, have given their full support to the transaction.
The acquisition, which has been unanimously approved by SUEZ’s Board of Directors, is subject to the required regulatory approvals.
"The acquisition of SUEZ R&R UK will significantly bolster the strategy of SUEZ, strengthening our waste treatment activities and diversifying our global footprint. This acquisition highlights once again the trust our shareholders place in our company: our Group has the capital required for its development as well as the necessary resources to invest alongside its clients," said Sabrina Soussan , SUEZ Chair and CEO