Veolia announces the signature of an agreement for the acquisition by NGE, an independent public works group, of SADE-CGTH, its wholly-owned subsidiary specializing in the construction and rehabilitation of water and infrastructure networks. The amount of the sale, in terms of enterprise value, amounts to 260 million euros.
"We are very satisfied with this transaction, which is part of the regular strategic review of our asset portfolio. It is being carried out on very good terms, which will strengthen Veolia's capacity to invest in its strategic activities," said Estelle Brachlianoff, Veolia's Chief Executive Officer.
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.
The agreement is embodied in a unilateral promise to purchase that will enable the parties to finalize the transaction, which remains subject to consultation with employee representative bodies and to obtaining the necessary regulatory approvals.