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Engie sells its 29.9% stake in Suez to Veolia for €3.4 billion

  • Engie sells its 29.9% stake in Suez to Veolia for €3.4 billion
    Image: Engie Twitter account

About the entity

Engie
Engie SA is a French multinational electric utility company, headquartered in La Défense, Courbevoie, which operates in the fields of energy transition, electricity generation and distribution, natural gas, nuclear, renewable energy and petroleum.
Schneider Electric

Engie has accepted Veolia's offer to buy 29.9% of Suez for 3.4 billion euros (approximately $4 billion). This transaction will generate a pre-tax capital gain of EUR 1.8 billion, to be booked in the 2020 financial results.

Engie has not set any conditions for Veolia after it took note of VEOLIA's commitments, and notably its unconditional commitment not to file a hostile takeover bid, once it has acquired ENGIE's stake in SUEZ, and discussions started between the parties these past days concerning the industrial project.

Jean-Pierre Clamadieu, Chairman of the Board of Directors, said: "The disposal of ENGIE's stake in SUEZ is an important first step in the Group’s implementation of its new strategic orientations announced at the end of July. It will enable ENGIE to clarify its profile and boost its capacity to invest in renewable energies and infrastructure – the two growth areas it is focusing on to support the energy transition." 

BNP Paribas, Credit Suisse, Lazard, BDGS, Weil, Gotshal & Manges, and d’Angelin & Co served as ENGIE's financial and legal advisers in this operation.

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