Veolia Acquires CDPQ's 30% Stake in Water Technologies and Solutions, Achieving Full Ownership to Accelerate Value Creation
PARIS--(BUSINESS WIRE)--Regulatory News:
Veolia (Paris:VIE) has signed an agreement with CDPQ for the acquisition of its 30% stake in Veolia's subsidiary Water Technologies and Solutions ('WTS'), allowing Veolia to achieve full ownership of WTS, enabling to unlock more value potential, simplify further its structure and extract additional run-rate cost synergies of ~ €90m.
This acquisition is a logical step in the deployment of Veolia's GreenUp strategic roadmap, with an efficient capital allocation to strengthen the Group's anchoring in Water technologies activities and in the United States, both identified as priority growth 'boosters'.
The acquisition of CDPQ's minority interests will further strengthen Veolia's unique positioning as a global leader in Water Technologies. The Group is perfectly positioned to take advantage of the growing demand for innovative water treatment technologies and solutions, fueled by macro-trends such as water scarcity, adaptation to climate change, health concerns and the development of strategic industries such as semiconductors, pharmaceuticals and data centers.
The acquisition of the remaining 30% of Veolia's subsidiary WTS will allow full operational control, enabling it to enhance operational performance and seize all opportunities for development and innovation, through a complete integration process. Following the acquisition, the Group will be able to unlock additional ~€90m of run-rate cost synergies by 2027. Those synergies are already well-identified and benefit from a very low execution risk, given the deep and intimate knowledge of the asset and Veolia's proven track-record in synergies extraction. The acquisition is expected to be accretive from 2026 and will contribute to improve Group ROCE.
The purchase price for the acquisition will be $1.75bn (~€1.5bn), corresponding to ~11x EV/post-synergies 2025e EBITDA. Post-transaction, Veolia will still maintain headroom compared to its Net Debt / EBITDA target of 3x, allowing the Group to retain strategic flexibility to continue to deploy its GreenUp strategic plan.
Veolia confirms all 2025 guidance and GreenUp targets previously communicated both at Group level and at Water Technologies level, and now aims to achieve an EBITDA CAGR of at least +10% (1) over the 2023-2027 period for its Water Technologies division.
"This acquisition marks a pivotal step in unlocking the full value potential of Water Technologies, a growth booster identified as a priority in our GreenUp strategic plan, and a segment where we are already a market leader. Full ownership will enable us to accelerate growth, enhance operational efficiency and synergies as well as deepen the alignment with strategic priorities. This move is especially crucial given the urgent and rapidly evolving needs of the market, allowing us to respond faster and more effectively to emerging opportunities and challenges," said Estelle Brachlianoff, Veolia's Chief Executive Officer.
"We are proud of WTS' achievements since our investment in 2017, as it has grown into a global market leader in water technologies. Through our partnership, we helped strengthen the company's foundations and position it for sustained growth and long-term value creation. We are grateful for the close collaboration with the management teams at WTS and Veolia, and we wish them every success in this next chapter," said Albrecht von Alvensleben, Managing Director, Head of Private Equity Europe at CDPQ.
The closing of the transaction is expected by the end of June 2025.
Veolia Water Technologies segment
- In FY2024, Veolia Water Technologies segment achieved revenues of €4.97bn (41% North America, 25% Europe, 13% Asia Pacific, 13% Africa Middle-East and 8% Latin America) and EBITDA of €612M. The business serves over 8,000 clients in 44 countries, with 38 technological sites and 11 dedicated R&I laboratories.
- Veolia Water Technologies activities include both Veolia WT, 100% owned and Water Technologies and Solutions 'WTS' subsidiary, 70% Veolia-30% CDPQ
Water Technologies and Solutions 'WTS' subsidiary
- WTS was formed as a 70%-30% joint venture between Suez and CDPQ in 2017, before becoming a subsidiary of Veolia following the Veolia–Suez merger in 2022, with CDPQ keeping its 30% minority stake. In FY2024, WTS achieved revenues of €3.3bn ($3.6bn) and EBITDA of €472M ($511M).
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ABOUT VEOLIA
Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215,000 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 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024. www.veolia.com
IMPORTANT DISCLAIMER
Veolia Environnement is a corporation listed on the Euronext Paris. This press release contains 'forward-looking statements'' within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to: the risk of suffering reduced profits or losses as a result of intense competition, the risk that changes in energy prices and taxes may reduce Veolia Environnement's profits, the risk that governmental authorities could terminate or modify some of Veolia Environnement's contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, the risks related to customary provisions of divestiture transactions, the risk that Veolia Environnement's compliance with environmental laws may become more costly in the future, the risk that currency exchange rate fluctuations may negatively affect Veolia Environnement's financial results and the price of its shares, the risk that Veolia Environnement may incur environmental liability in connection with its past, present and future operations, as well as the other risks described in the documents Veolia Environnement has filed with the Autorité des Marchés Financiers (French securities regulator). Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain from Veolia Environnement a free copy of documents it filed (www.veolia.com) with the Autorités des marchés financiers.
This document contains "non‐GAAP financial measures". These "non‐GAAP financial measures" might be defined differently from similar financial measures made public by other groups and should not replace GAAP financial measures prepared pursuant to IFRS standards.
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PARIS, June 10, 2025--(BUSINESS WIRE)--Regulatory News: Veolia (Paris:VIE) launches a new edition of its employee shareholding operation. Open to more than 190,000 Group employees, this operation aims to involve them in the company's development and performance. As a key stakeholder and already the Group's largest shareholder, employees can thus strengthen their involvement in Veolia's strategy and growth. This initiative allows employees to subscribe directly or indirectly to Veolia Environnement shares with a goal to further strengthen the connection between the teams and the Group's growth strategy. This initiative takes on particular significance in the context of the GreenUp strategic program, which positions Veolia at the forefront of the ecological transformation by accelerating the development of innovative solutions in three key areas: decarbonizing economic activities, combating pollution, and regenerating natural resources. 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Share buyback Veolia Environnement has decided to proceed with a share buyback through a forward contract entered into with an investment services provider prior to the combined shareholders' meeting of April 24, 2025, in accordance with the authorization granted by the 16th resolution of the combined shareholders' meeting of April 25, 2024. The investment service provider may independently carry out the buybacks during a period beginning on July 2, 2025 and ending on July 29, 2025 up to a maximum of 14,813,052 shares, which will be delivered to Veolia Environnement on July 31, 2025. Following the adoption of the new authorization by the combined shareholders meeting of April 24, 2025, in its 18th resolution, the Board of Directors acknowledged that the share buyback will be carried out based on this new resolution. 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The investment decision is a personal decision, which must be made by each employee taking into account his/her or her financial resources, investment objectives, personal tax situation, other investment alternatives and the fact that the value of a listed share is fluctuating. In this respect, beneficiaries are invited to consider diversification of their investment portfolio to ensure that the envisaged risk is not too concentrated in a single investment. The offer is made on a voluntary basis by Veolia Environnement. Neither Veolia Environnement nor the employers are obliged to repeat the offer or to make similar offers in the future. The terms and conditions of the offer do not form part of the employees' employment contracts. ABOUT VEOLIA Veolia group aims to become the benchmark company for ecological transformation. 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The offer concerns a maximum number of 14,813,052 shares (i.e. approximately 2% of the share capital at the date of the combined general meeting of April 24, 2025). The dates of the subscription/revocation period and the subscription price will be determined by a decision of the Chief Executive Officer, acting by delegation of the Board of Directors, scheduled for July 30, 2025. The subscription price shall be equal to the average of the volume-weighted average prices of the Veolia Environnement share on Euronext Paris during the twenty (20) trading days preceding the aforementioned decision of the Chief Executive Officer (reference price), less a discount of 15% and rounded up to the next euro cent. The new shares will carry immediate dividend rights. Indicative timetable of the transaction The timetable below is provided for information purposes only and may be modified due to events affecting the proper conduct of the transaction. 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Retired and early-retired former employees who have retained assets in the PEG since leaving the Group are eligible for the operation, without the benefit of the matching contribution. Subscription formulas Beneficiaries can subscribe to Veolia Environnement shares through two distinct offers, a secured offer with leverage effect and a classic offer: The secured offer with leverage effect: the subscriber benefits from a gross matching contribution of 100% of his/her personal contribution up to a limit of 300 euros, a guarantee of his/her total investment, including the matching contribution, and the higher of either (i) a minimum guaranteed return at predetermined rate on his/her investment, including the matching contribution, or (ii) a multiple of the possible increase in the Veolia Environnement share price. The classic offer: the subscriber invests in Veolia Environnement shares with a 15% discount on the reference price. The investment made in the classic offer presents a risk of capital loss insofar as it will follow the evolution of the Veolia Environnement share price, both upwards and downwards. Method of holding the shares Subscriptions are made through an FCPE or, in some countries, through direct shareholding. The voting rights attached to the securities held in the FCPE will be exercised by the FCPE's Supervisory Board. Voting rights relating to securities held directly will be exercised by the subscriber. Unavailability The shares subscribed directly and the units of the FCPE will be blocked until June 3 rd, 2030 unless one of the cases of early release provided for by Articles L. 3332-25 and R. 3324-22 of the French Labour Code, as applicable in the various countries where the offer is deployed, occurs. Hedging transactions The secured leveraged offer implies that the counterparty bank of the said offer will carry out hedging transactions, on and/or off the markets, by means of purchases and/or sales of shares, purchase of call options and/or any other transactions, at any time and in particular as from the opening date of the period for determining the subscription price and throughout the duration of the operation. Listing of the shares Veolia Environnement shares are admitted to trading on Euronext Paris. The newly issued Veolia Environnement shares will be listed on the regulated market of Euronext Paris as soon as possible after the completion of the capital increase. They will be admitted on the same quotation line as the existing shares (ISIN code: FR 0000124141-VIE) and will be fully assimilated to them as soon as they are admitted for trading. Share buyback Veolia Environnement has decided to proceed with a share buyback through a forward contract entered into with an investment services provider prior to the combined shareholders' meeting of April 24, 2025, in accordance with the authorization granted by the 16 th resolution of the combined shareholders' meeting of April 25, 2024. The investment service provider may independently carry out the buybacks during a period beginning on July 2, 2025 and ending on July 29, 2025 up to a maximum of 14,813,052 shares, which will be delivered to Veolia Environnement on July 31, 2025. Following the adoption of the new authorization by the combined shareholders meeting of April 24, 2025, in its 18 th resolution, the Board of Directors acknowledged that the share buyback will be carried out based on this new resolution. The shares thus repurchased are intended to be (i) partly cancelled, up to the amount of the share capital increase and (ii) sold for another part in order to allow the hedging of the secured offer proposed in certain countries. The share buyback program is described in section 7.1.3 (p. 469) of Veolia Environnement's 2024 universal registration document filed with the French Financial Markets Authority on March 20, 2025, and available on Veolia Environnement's website. Specific mention for the international market This press release does not constitute an offer to sell or a solicitation to subscribe for Veolia Environnement shares. The offer of Veolia Environnement shares is strictly reserved for the above-mentioned beneficiaries and will be made only in those countries where, if applicable, such an offer has been registered with or notified to the competent local authorities and/or following the approval of a prospectus by the competent local authorities, or in consideration of an exemption from the obligation to prepare a prospectus or to register or notify the offer. More generally, the offer will only be made in countries where all required registration procedures and/or notifications will have been carried out and the necessary authorisations obtained. The Veolia Environnement shares that may be acquired in this offer are not subject to any recommendation by governmental market or regulatory authorities. No advice or recommendation to invest is given by Veolia Environnement or any employer. The investment decision is a personal decision, which must be made by each employee taking into account his/her or her financial resources, investment objectives, personal tax situation, other investment alternatives and the fact that the value of a listed share is fluctuating. In this respect, beneficiaries are invited to consider diversification of their investment portfolio to ensure that the envisaged risk is not too concentrated in a single investment. The offer is made on a voluntary basis by Veolia Environnement. Neither Veolia Environnement nor the employers are obliged to repeat the offer or to make similar offers in the future. The terms and conditions of the offer do not form part of the employees' employment contracts. ABOUT VEOLIA Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215,000 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 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024.
