Veolia Environnement SA

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Veolia: Acquires US Waste Management Business for $3 Billion; Shares Cheap

Tancrede Fulop

Nov 21, 2025

Veolia has agreed to acquire Clean Earth, Enviri's waste management business, for a $3 billion enterprise value (4% of Veolia's EV), implying an EV/EBITDA of 15 before synergies and 9.4 after synergies. Veolia was down 0.7% at the time of writing while Enviri was up 33% in pretrading.

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Veolia Environnement SA

Veolia: Acquires US Waste Management Business for $3 Billion; Shares Cheap

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