Transnational French company Veolia Environnement has inked an agreement with global investment fund Actis to sell its Moroccan water, wastewater and electricity services.
The sale of these services, operated by concession companies Redal and Amendis, will represent a total value of about €370m. This will be employed to reduce the company’s debt by about €88m in 2013.
This move enables the company to redirect its geographic focus and its growth strategy based on higher added value solutions and activities.
Finalization of the transaction is due for an approval from the relevant public authorities and Moroccan government departments.
In addition, the company will share its expertise in the region, under a three-year technical support contract with Actis.