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France’s Veolia Environnement sell UK water businesses

French company Veolia Environnement of France has sold three of its UK water businesses for £1, 236m to Rift Acquisitions.

Following completion of the transaction, Veolia Environnement’s net debt will be reduced by around £1,165m.

Veolia are undertaking a €5bn asset divestment plan, which aims to reach completion by 2013, and restore profits.

The sale of Veolia’s operations in central, south-eastern and eastern England is the first step in this project.

Antoine Frerot, Chairman and Chief Executive Officer of Veolia Environnement “This first significant divestment shows that we are moving in the right direction regarding the implementation of our strategic plan and that the transformation of Veolia is progressing at a good pace.”

This was posted in Bdaily's Members' News section by Tom Keighley .