In accordance with the commitments made to the Moroccan competition authorities, Veolia announces that it has reached an agreement with the Moroccan authorities for the sale to Société Régionale Multiservices Casablanca-Settat of its entire stake in Lydec, acquired during the takeover of Suez in 2022.
Lydec is in charge of the delegated management of public services for the distribution of drinking water, electricity, wastewater and public lighting for the city of Casablanca and its region.
The transaction is expected to close by the end of 2024, once all the necessary administrative approvals have been obtained. The anticipated disposal of Lydec has no impact on Veolia's 2024 financial guidance or on the objectives of Veolia's GreenUp strategic plan.
Following this transaction, Veolia will remain a major partner of the Kingdom, present in particular in water and electricity distribution through its contracts in Rabat, Tangiers and Tetouan.
"We recognise Lydec's contribution to the development of essential water and sanitation services in Morocco for more than 27 years. This sale will enable a smooth transition for the benefit of local populations and will support the establishment of the new Multiservice regional corporations", said Estelle Brachlianoff, Chief Executive Officer of Veolia.
