Veolia Environnement has announced the sale of its Veolia Environmental Services North America (VESNA) solid waste subsidiary as part of its ongoing debt reduction programme.
VESNA has been sold to New York-based infrastructure investment firm Highstar Capital for 1.9bn (£1.2bn). Highstar is reported to be planning to merge Veolia with its other waste firms Star Atlantic Waste Holdings, Advanced Disposal Services and Interstate Waste Services under the Advanced Disposal name.
Veolia Environnement said the deal would mean its €14.7bn had been cut by around €1.4bn. The company aims to slash its debt by €5bn by the end of 2013.
Antoine Frérot, chairman and CEO of Veolia Environnement, said: “This divestment is the second significant step in the execution of the strategic plan laid out last December. The transformation of Veolia is progressing as planned.”
Veolia said it will continue to grow its businesses in the haxardous waste and industrial services sector.
The sale is subject to approval by the US antitrust authorities and is expected to be finalized by the end of the year.