Deals

Suez Agrees to $1.9 Billion Australian Sale to Cleanaway

Deal may be terminated if Suez gets taken over by Veolia
Suez may sell more assets if no deal found with French rival

A garbage truck operated by a Suez SA.Photographer: Nathan Laine/Bloomberg

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By Harry Brumpton and Francois de Beaupuy

April 5, 2021 at 11:31 PM UTC

Updated on

April 6, 2021 at 4:39 PM UTC

This article is for subscribers only.

Suez SA agreed to sell its Australian business to Cleanaway Waste Management Ltd., with completion conditional on further talks about its own takeover by Veolia Environnement SA.

Suez signed a deal to sell its recycling and recovery business in Australia to Melbourne-based Cleanaway for A$2.5 billion ($1.9 billion), the French water and waste-treatment firm said in a statement Tuesday. Under the terms, Suez can terminate the deal by May 6 if it gets taken over by Veolia, Cleanaway said in a filing.