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The Veolia group will sell its engineering subsidiary SADE to the public works company NGE. The amount of the operation could reach 260 million euros.
The activities of SADE, a subsidiary of Veolia specializing in civil engineering works and the construction or rehabilitation of water and infrastructure networks, represent an annual turnover of around 1.1 billion euros in 2022 and a workforce of around 6,900 employees, specifies the group in a press release. The sale of this subsidiary to NGE “amounts in enterprise value to 260 million euros,” adds Veolia. The transaction “is part of the regular strategic review of our asset portfolio” and “will allow Veolia to strengthen its investment capacity in its strategic activities”, declares Estelle Brachlianoff, general manager of Veolia, quoted in a statement.
The sale, currently at the stage of a “unilateral promise to purchase”, remains “subject to consultations with staff representative bodies as well as obtaining the necessary regulatory authorizations”, underlines Veolia.
