SEATTLE (Recycling Monster): Veolia has announced a definitive agreement to acquire the Clean Earth environmental services business from Enviri in a transaction valued at $3.04 billion. The strategic acquisition is set to significantly expand Veolia's presence in the U.S. hazardous waste management sector and bolster its service capabilities across healthcare and retail industries.
In parallel, Enviri confirmed plans to spin off Harsco Environmental and Harsco Rail into a newly formed independent company.
Key Transaction Details
The enterprise value of the acquisition stands at approximately $3 billion (€2.6 billion), representing 9.8x 2026 estimated EBITDA post run rate synergies. Once the transaction closes in mid-2026, Veolia's U.S. operations are projected to generate pro forma revenue of $6.3 billion. The deal will effectively double Veolia's hazardous waste division revenue from $1 billion to $2 billion while adding 2,400 employees to its workforce.
Veolia CEO Estelle Brachlianoff emphasized the company's commitment to portfolio transformation, announcing an additional €2 billion in asset sales over the two years following the transaction. The acquisition aligns with Veolia's elevated targets for hazardous waste operations between 2024 and 2027, aiming for at least 10% EBITDA growth throughout the guidance period.
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Expanding National Footprint
The addition of Clean Earth will enable Veolia to deliver a comprehensive nationwide portfolio of environmental services. Clean Earth operates 82 facilities across the United States, including 19 EPA-permitted treatment, storage and disposal locations, and maintains more than 700 active operating permits. The deal will also strengthen Veolia's geographic footprint in key growth regions such as the Southeast and Pacific Northwest, adding 10 states to Veolia's service area.
With this acquisition, Veolia will transition from the third-largest to a significantly stronger position in the U.S. hazardous waste management market. Clean Earth's specialized capabilities include PFAS treatment and handling of emerging contaminants, areas of increasing regulatory focus and market demand.
Market Context and Industry Outlook
The U.S. hazardous waste management market generated $4.44 billion in revenue in 2024 and is expected to reach $6.08 billion by 2030, growing at a CAGR of 5.5%. Globally, the hazardous waste management market was valued at $17.6 billion in 2024 and is projected to reach $24.7 billion by 2030.
The transaction is expected to close by mid-2026, pending regulatory approvals, approval from Enviri shareholders, and finalization of the planned spin-off structure. Recognized as a leading and highly complementary asset within the U.S. hazardous waste market, Clean Earth is expected to generate approximately $120 million in synergies within four years following integration, with current EPS accretion expected from year two.
People Also Ask (PAA)
What is hazardous waste management?
Hazardous waste management is a comprehensive process that includes collecting, treating, transporting, and disposing of or recycling waste materials that pose substantial harm to human health and the environment. The process involves identification and characterization of waste, segregation from non-hazardous materials, treatment to reduce toxicity or volume, and proper disposal or recycling in accordance with EPA regulations.
What does Clean Earth environmental services do?
Clean Earth is one of the largest specialty waste companies in the United States, providing remediation, disposal, recycling, and beneficial reuse solutions for contaminated soil, dredged material, and hazardous and non-hazardous waste. The company operates 82 facilities with 19 EPA-permitted treatment, storage and disposal locations, serving energy, infrastructure, commercial, industrial, retail, and healthcare markets.
How does Veolia manage hazardous waste?
Veolia applies strict protocols for hazardous waste management depending on waste composition. The company operates 27 incineration plants dedicated to hazardous industrial waste, 46 physicochemical and stabilization plants, 15 hazardous waste landfills, and 35 specialized recycling plants globally. Veolia's approach includes characterization and traceability of waste, followed by specialized treatment methods such as incineration, chemical processing, or stabilization to eliminate environmental and health risks.
Why is the U.S. hazardous waste market growing?
The growth is driven by increasing industrialization, stricter environmental regulations, and rising awareness of environmental impacts. The U.S. market faces mounting pressure as municipal solid waste is projected to increase from 2.1 billion tonnes in 2023 to 3.8 billion tonnes by 2050. Additionally, emerging contaminants like PFAS require specialized treatment capabilities, creating demand for advanced hazardous waste management services.