Star Atlantic’s Veolia Purchase Approved With Conditions
Star Atlantic Waste Holdings LP’s $1.9 billion acquisition of a U.S. unit of Veolia Environnement SA (VIE) was approved by the U.S. Justice Department on the condition that it sell waste collection and disposal assets in two states.
In a proposed settlement filed today in federal court in Washington, the department said the companies must sell three transfer stations in northern New Jersey, a landfill and two transfer stations in central Georgia and three waste-collection routes in Macon, Georgia. The settlement needs approval by a federal judge.
“Without the divestitures required by the department, consumers in northern New Jersey, central Georgia and the Macon metropolitan area would have been harmed by a reduction in competition for commercial solid waste collection or disposal,” Joseph Wayland, who heads the department’s antitrust division, said in an e-mailed statement.
In a July 18 announcement of the takeover, New York-based Star Atlantic said the purchase of Veolia ES Solid Waste Inc. would create the largest closely held environmental services business in the U.S.
Star Atlantic is a portfolio company of Highstar Capital, the infrastructure-focused private equity firm once affiliated with American International Group Inc.
The case is U.S. v. Star Atlantic Waste Holdings LP, 12-cv- 01847, U.S. District Court, District of Columbia (Washington).
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