Veolia Closes the Sale of Its Subsidiary SADE-CGTH to NGE
PARIS, March 04, 2024--(BUSINESS WIRE)--Regulatory News:
Veolia (Paris:VIE) announces the closing of the acquisition by NGE, an independent public works group, of SADE-CGTH, its wholly-owned subsidiary that specialises in the construction and rehabilitation of water and infrastructure networks. The sale represents an enterprise value of 260 million euros.
"We are fully satisfied with the completion of this sale, which follows the completion of consultations with employee representatives bodies and the obtaining of the necessary regulatory approvals. We are reassured about the industrial future offered by the takeover by NGE, a recognised player in the public works sector. This disposal is part of the regular review of our asset portfolio, as construction activities are no longer part of the Group's strategic business lines," said Estelle Brachlianoff, CEO of Veolia.
SADE's activities are focused on civil engineering works and network construction, mainly in the water sector and represent annual revenue of around €1.1 billion in 2022 and a workforce of around 6,900.
ABOUT VEOLIA
Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with nearly 218,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2023, the Veolia group provided 113 million inhabitants with drinking water and 103 million with sanitation, produced 42 million megawatt hours of energy and treated 63 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 45,351 million euros in 2023. www.veolia.com
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