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Europe: Veolia Environnement acquires 50% stake held by FCC in Proactiva

Veolia Environnement closed the acquisition of the 50% stake held by Fomento de Construcciones y Contratas (FCC) in Proactiva Medio Ambiente o November 28, 2013.

The transaction amounts to €150 million ($203.9 million) and makes Proactiva a wholly owned Veolia Environnement subsidiary.

This acquisition will enable Veolia Environnement to consolidate its position in Latin America in water, wastewater services and waste management in accordance with its strategy to develop in fast growing areas.

The transaction will have a neutral impact on Veolia’s 2014 leverage ratio objective and will be accretive to net income from 2014, prior to purchase price allocation.

Proactiva was scheduled to be consolidated in the group’s accounts from December 1, 2013.