SUEZ announced today it has entered into an exclusive agreement with Veolia for the sale of French subsidiary OSIS, multi-specialist in sewerage services. The agreement secures a solid future for OSIS business. The transaction, which is binding subject to regulatory approval and customary closing conditions including the consultation of employee representative bodies, is expected to be completed in the first half 2021.
With 2,500 employees located in over 130 local service centres in France, OSIS operates complementary business segments: sewerage and liquid waste collection, industrial cleaning and building hygiene.
The transaction is the first major announcement concerning SUEZ’s asset rotation programme intended to align activities around the Shaping SUEZ 2030 strategy. The contemplated sale values the business transferred at c.€ 298 million, representing a multiple of c.13 times 2019 pro forma adjusted EBITDA.