Morocco: Veolia Signs an Agreement to Divest Its Stake in Lydec

05 Jul 2024 19:13 CEST

Regulatory News:

In accordance with the commitments made to the Moroccan competition authorities, Veolia (Paris:VIE) announces that it has reached an agreement with the Moroccan authorities for the sale to Société Régionale Multiservices Casablanca-Settat of its entire stake in Lydec, acquired during the takeover of Suez in 2022.

Lydec is in charge of the delegated management of public services for the distribution of drinking water, electricity, wastewater and public lighting for the city of Casablanca and its region.

The transaction is expected to close by the end of 2024, once all the necessary administrative approvals have been obtained. The anticipated disposal of Lydec has no impact on Veolia's 2024 financial guidance or on the objectives of Veolia's GreenUp strategic plan.

Following this transaction, Veolia will remain a major partner of the Kingdom, present in particular in water and electricity distribution through its contracts in Rabat, Tangiers and Tetouan.

"We recognise Lydec's contribution to the development of essential water and sanitation services in Morocco for more than 27 years. This sale will enable a smooth transition for the benefit of local populations and will support the establishment of the new Multiservice regional corporations," said Estelle Brachlianoff, Chief Executive Officer of Veolia.

ABOUT VEOLIA

Veolia's ambition is to become the benchmark company for ecological transformation. With nearly 218,000 employees on five continents, the Group designs and deploys useful, practical solutions for managing water, waste and energy that help to radically change the world. Through its three complementary activities, Veolia contributes to developing access to resources, preserving available resources and renewing them. In 2023, the Veolia group served 113 million people with drinking water and 103 million with wastewater services, produced 42 terawatt-hours of energy and recovered 63 million metric tons of waste. Veolia Environnement (Paris Euronext: VIE) generated consolidated sales of €45.3 billion in 2023. www.veolia.com

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