Veolia Completes Sale to Oaktree Capital of Israel Assets

Veolia Environnement SA completed the sale of its water, waste and energy operations in Israel to funds managed by Oaktree Capital Management LP, a transaction that will reduce debt by about 220 million euros ($237 million).

The deal, announced last July and subject to Israel antitrust approval, includes a seawater desalination plant in Ashkelon on the Mediterranean south of Tel Aviv and Israel’s biggest hazardous waste dump at Ramat Hovav near Beersheba. Paris-based Veolia owned a stake in the Mishor Rotem power station, which operates on natural gas in the Negev desert near the Dimona nuclear reactor.

Europe’s largest publicly traded water utility supplied 96 million people with drinking water in 2014, 60 million with wastewater service, produced 52 million megawatt-hours of energy and converted 31 million metric tons of waste into new materials and energy. Veolia shares have risen almost 20 percent in 2015.

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