Veolia has agreed to sell its 65% stake in Denmark-based waste management firm Marius Pedersen Group for €240m (£195m) to the Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation).
The sale is part of Veolia’s strategy to reduce debt and to refocus on areas where it can “bring higher value to clients and stakeholders” which was announced in 2011. Veolia originally bought its majority stake in Marius Pedersen Group in 2001.
Marius Pedersen, which was founded as a road building company in 1925, provides solid waste management in Denmark, the Czech Republic and Slovakia. It offers treatment for all types of waste, municipal collection services and has developed its own technologies for waste transport, treatment and recycling.
The remaining 35% of the company is already owned by the Marius Pedersen Foundation and the deal is expected to close in the coming weeks, subject to the approval of the Danish Commercial Foundations Supervisory Authorities.
This week, the Montreal-based TransForce, which operates a variety of businesses throughout Canada and the United States, bought Veolia Solid Waste Canada for about $25m through it subsidiary Matrec.