Veolia Completes Acquisition of Suez

Cleary Gottlieb represented Veolia Environnement (Veolia), the global leader in optimized resources management, in its successful €12.9 billion acquisition of Suez to create the French world champion of ecological transformation, and the €10.4 billion related divestment of certain Suez remedy assets (New Suez) to Sonate Bidco, a company owned by Meridiam (40%), Global Infrastructure Partners (40%), French Caisse des dépôts et consignations (12%), and CNP Assurances (8%).

The transaction closed on January 31, 2022.

Upon closing of the tender offer process, Veolia owns 95.93% of the share capital and voting rights of Suez. A squeeze-out of the remaining minority shareholders will be implemented on February 18, 2022, upon which Veolia will own 100% of the share capital and voting rights of Suez, which will be simultaneously delisted from Euronext Paris and Brussels.

The acquisition of Suez by Veolia remains subject to the approval of the UK Competition and Markets Authority (CMA).