Veolia Environnement SA (VIE), Europe’s largest publicly traded water company, agreed to sell its water, waste and energy activities in Israel to funds managed by Oaktree Capital Management LP, cutting debt by about 250 million euros ($341 million).
The Paris-based utility said today in a statement that the divestment to the investment manager is part of a strategy to refocus operations geographically and concentrate efforts on “less capital-intensive opportunities.”
The transaction, subject to Israel antitrust approval, is expected to close by the fourth quarter. Veolia supplied 94 million people worldwide with drinking water last year, 62 million with wastewater service, produced 86 million megawatt-hours of energy and converted 38 million metric tons of waste into new materials and energy, it said.
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