Veolia has acquired Clean Earth for $3 billion, significantly enhancing its hazardous waste management capacity and presence in the U.S. market.

Target Information

Veolia has announced its most significant acquisition since its merger with Suez, aimed at accelerating growth in the hazardous waste sector within the United States. The agreement with Enviri involves the acquisition of Clean Earth, a leading player in this domain. This acquisition is poised to double Veolia's footprint in the U.S. hazardous waste market, enabling the creation of the second-largest entity in this rapidly growing industry. The deal will provide a comprehensive national operational platform and an expanded market reach, as well as advanced technical capabilities.

By acquiring Clean Earth, Veolia not only strengthens its presence in crucial expanding industries such as distribution and healthcare but also enhances its ability to offer a full range of environmental services across the U.S. With an enterprise value of $3 billion (approximately €2.6 billion), Clean Earth is acquired at a valuation of 9.8 times the estimated EBITDA for 2026, following standard synergies. This transaction is expected to generate significant value for shareholders, forecasting $120 million in synergies by the fourth year and an increase in earnings per share starting from the second year.

Industry Overview

The hazardous waste treatment sector in the United States is robust and has shown resilience even amid economic fluctuations. It serves as an essential service for key industries undergoing transformations or relocating production, including high-tech fields, se