Veolia in Improved €11.3 Billion Acquisition of Suez

Cleary Gottlieb is advising Veolia Environnement (Veolia), the global leader in optimized resources management, in its proposed €11.3 billion acquisition of Suez to create the French world champion of ecological transformation.

On October 5, 2020, Veolia acquired 29.9% of Suez share capital from ENGIE for €3.4 billion and confirmed its intention to acquire control of Suez through a voluntary public takeover bid on the remaining Suez share capital.

Veolia has identified certain antitrust issues that the combination would entail and has anticipated remedies. It has identified an acquirer for Suez’s French water activities, Meridiam, which is a French world leader in investment and infrastructure management for public services, capable of preserving competition, and employment. Meridiam has already made a formal commitment to this acquisition.