PARIS – French water and waste group Veolia has agreed to acquire U.S. hazardous waste firm Clean Earth from Enviri Corp for $3 billion, a move that will double its U.S. footprint in the sector and create the country’s second-largest player.
The deal, Veolia’s largest since its merger with Suez, marks a significant step in the group’s strategic shift towards high-growth markets like the United States and specialized waste treatment. The acquisition values Clean Earth at 9.8 times its estimated 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA), including expected cost savings.
“This acquisition is a major step in the Group transformation,” Veolia Chief Executive Estelle Brachlianoff said in a statement on Friday. “It allows us to unlock the full value potential of our U.S. Hazardous Waste activities and to double our size on this critical fast-growing sector.”
The transaction will significantly boost Veolia’s presence in the United States, where demand for hazardous waste treatment is being driven by industries like advanced manufacturing, semiconductors, and healthcare. The combined entity will have a nationwide platform with over 700 operating permits and 19 federally permitted treatment facilities.
Veolia expects the deal to add to its earnings per share from the second year after closing. The company identified $120 million in annual synergies, to be fully realized by the fourth year.
To maintain its financial discipline and BBB/Baa1 investment-grade credit rating, Veolia also announced a plan to divest around 2 billion euros ($2.17 billion) in non-core assets. This is part of a broader portfolio transformation that has seen 8.5 billion euros in asset rotations since the launch of its “GreenUp” strategic plan.
The acquisition of Clean Earth will increase Veolia’s global hazardous waste revenue to 5.2 billion euros, with an EBITDA margin of 17%. The group now targets EBITDA growth of at least 10% in its hazardous waste activities between 2024 and 2027.
The transaction, funded through Veolia’s existing resources and debt, is expected to close around mid-2026, pending regulatory and shareholder approvals.