Veolia in $483m Moroccan water concession deal
Paris, March 9, 2013
Veolia Environnement, a global leader in environmental solutions, has entered into a 370 million euros ($483 million) deal to sell its Moroccan water, wastewater and electricity services to investment fund Actis.
Paris-based Veolia Environnement provides tailor-made services in its three complementary business activities: water management, waste management and energy services.
The Moroccan water, wastewater and electricity services was earlier being operated by concession companies Redal and Amendis.
The French group said it had signed a three-year technical support contract with Actis via its holding company Veolia Services à l'Environnement Maroc.
This contract will ensure the smooth transition of services, enabling Veolia to share its know-how and expertise in Morocco, said the company in a statement.
The choice of Actis promises to bring high-added value for Morocco; Actis has over 60 years of experience of investing exclusively in emerging markets, and particularly across Africa.
Veolia Environnement said the transaction will held to reduce the company's debt by around 88 million euros in 2013.-TradeArabia News Service