Veolia to acquire Clean Earth in 'transformative' $3bn deal
By Abigail Townsend
Date: Friday 21 Nov 2025
(Sharecast News) - France's Veolia said on Friday that it has agreed to buy American hazardous waste specialist Clean Earth in a $3bn deal.
Veolia, which provides water and waste management services worldwide, called the $3.04bn cash deal its "biggest and most transformative" since its 2021 takeover of French rival Suez.
It will double the size of Veolia's current US hazardous waste offering, making the group the second biggest player in the American market, with combined revenues of €5.2bn.
Earnings before interest, tax, depreciation and amortisation for Veolia's hazardous waste activities are expected to rise on the back of the deal by at least 10% between 2024 and 2027.
Estelle Brachlianoff, chief executive, said: "This acquisition in a major step in the group transformation and the strengthening of it financial profile.
"It allows us to unlock the full value potential of us our US hazardous waste activities and to double our size on this critical fast-growing sector."
Veolia said the US sector was currently "particularly robust" despite an otherwise challenging economic market.
It is an essential service for a number of major industries, including advanced manufacturing, semiconductors and clean-energy production, and has received a further fillip recently as companies reshore production under Donald Trump's tariff regime.
Clear Earth is currently owned by Philadelphia-based environmental services group Enviri, which is overhauling its structure.
As well selling off Clean Earth, Enviri is spinning off its Harsco Environmental and Rail units into a new standalone publicly-traded company, dubbed New Enviri, and returning cash to shareholders.
As at noon, Veolia's Paris-listed stock was down 1%, while on Wall Street, Enviri had surged 34% in pre-market trading.
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