By Ed Frankl

Veolia Environnement SA said Monday that it will sell Suez's U.K. waste business to Macquarie Group Ltd. in a 2.4 billion euros ($2.44 billion) deal.

The French utility said in June it would sell the business to satisfy the U.K.'s antitrust watchdog--the Competition and Markets Authority--which had expressed concerns over the harming of competition in the supply of water- and waste-management services in the country.

The sale proceeds represent around 17 times 2021 normalized earnings before interest, taxes, depreciation, and amortization, Veolia said.

The deal brings antitrust divestments related to the Suez takeover to around EUR3.4 billion, reducing Veolia's debt and providing it with more capacity to reinvest in its strategic projects, the company added.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

August 08, 2022 02:04 ET (06:04 GMT)

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