Dateline: PARIS, November 21, 2025 – French waste management giant Veolia agreed to acquire U.S. hazardous waste specialist Clean Earth for 3.04 billion, targeting expansion in America’s growing environmental services market1.
The deal positions Veolia to compete more aggressively with Waste Management and Republic Services in the lucrative U.S. hazardous waste sector, which has seen increased demand from industrial cleanup projects.
Key Takeaways
- 3.04 billion cash acquisition from Enviri Corporation
- Expected 120 million annual cost synergies by year four
- Clean Earth operates 700 environmental permits nationwide
Market Context
The transaction values Clean Earth at 9.8 times its projected 2026 earnings before interest, taxes, depreciation and amortization, after accounting for synergies3. This premium reflects the strategic value of Clean Earth’s 700 operating permits, which provide regulatory barriers to entry in the hazardous waste sector8.
Veolia’s move comes as major waste companies consolidate to capture economies of scale in specialized environmental services. The U.S. hazardous waste market has grown as stricter environmental regulations drive demand for professional remediation services.
Strategic Rationale
Clean Earth’s network includes contaminated soil treatment facilities and dredging operations across key industrial regions. The acquisition will complement Veolia’s existing North American operations, which generated approximately 3.2 billion in revenue last year.
Veolia Chief Executive Estelle Brachlianoff said the company expected to deliver 120 million in cost benefits by year four after closing, enabling earnings per share accretion4. The synergies will come from operational efficiencies and shared infrastructure across the combined network.
Transaction Details
Enviri Corporation (NYSE: NVRI), Clean Earth’s parent company, announced it will use proceeds from the sale to focus on its remaining industrial services businesses5. The transaction is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
Following the Clean Earth sale, Enviri plans to spin off its Harsco Environmental and Rail businesses to shareholders through a taxable distribution5. This restructuring will leave Enviri as a more focused entity concentrated on steel mill services.
Industry Outlook
The hazardous waste sector has benefited from increased infrastructure spending and environmental remediation projects across the United States. Industrial clients increasingly outsource specialized waste handling to avoid regulatory compliance risks and capital equipment investments.
Veolia’s expanded U.S. presence positions the company to capture additional market share as environmental regulations tighten and demand for professional waste services grows. The acquisition also provides geographic diversification for Veolia’s global operations.
Not investment advice. For informational purposes only.
References
1(November 21, 2025). “Veolia to Buy U.S. Hazardous-Waste Specialist Clean Earth in 3 Billion Deal”. Yahoo Finance. Retrieved November 21, 2025.
2(November 21, 2025). “Veolia to acquire Clean Earth from Enviri for 3 billion”. Investing.com. Retrieved November 21, 2025.
3(November 21, 2025). “Veolia to Build a Major Hazardous Waste U.S. Player With the Acquisition of Clean Earth”. Financial Content. Retrieved November 21, 2025.
4(November 21, 2025). “France’s Veolia to buy hazardous waste group Clean Earth for 3 billion”. MSN Money. Retrieved November 21, 2025.
5(November 21, 2025). “Enviri Corporation Announces Sale of Clean Earth to Veolia for 3.04 Billion”. Globe Newswire. Retrieved November 21, 2025.
6(November 21, 2025). “Veolia to Acquire Clean Earth in the US for 3 Billion”. MarketScreener. Retrieved November 21, 2025.
7(November 21, 2025). “Veolia to Buy U.S. Hazardous-Waste Specialist Clean Earth in 3 Billion Deal”. MSN Money. Retrieved November 21, 2025.
8(November 21, 2025). “Veolia to Build a Major Hazardous Waste US Player With the Acquisition of Clean Earth”. Yahoo Finance Canada. Retrieved November 21, 2025.