BOSTON, Mass. — Veolia announced a major step in its GreenUp strategic plan with an agreement to acquire Clean Earth from Enviri, marking the company’s largest acquisition since its merger with Suez. The deal will double Veolia’s U.S. hazardous waste footprint, making it the number two player in one of the fastest-growing environmental services sectors and significantly strengthening the company’s nationwide capabilities.
The acquisition includes Clean Earth’s extensive portfolio of 82 facilities, 19 EPA-permitted Treatment, Storage and Disposal Facilities, and more than 700 operating permits. Veolia said these assets will expand its reach into rapidly growing industries such as retail and healthcare while enabling the company to offer a comprehensive suite of environmental services across the country.
“In line with our GreenUp focus on growth boosters, this acquisition is a major step in the Group transformation and the strengthening of its financial profile. It allows us to unlock the full value potential of our U.S. hazardous waste activities and to double our size on this critical fast growing sector, creating a number 2 player,” said Estelle Brachlianoff, Veolia’s Chief Executive Officer. “We reinforce our global capacities in hazardous waste and further increase our international footprint. Thanks to a de-risked integration process and a strong complementarity between both businesses and teams, this transaction offers a solid value creation potential with significant synergies. It will also unlock a new growth potential for the Group by strengthening our exposure to the most dynamic industries across the U.S., and open up new opportunities for our diversified offerings nationwide. We also further accelerate our asset rotation strategy and portfolio pruning with an additional c.€2bn+ assets disposals in mature activities, leading to a total of €8.5bn of asset rotation since the launch of GreenUp.”
Veolia will acquire Clean Earth for an enterprise value of $3 billion, or roughly €2.6 billion, representing 9.8x estimated 2026 EBITDA after run-rate synergies. The company expects $120 million in synergies by year four and earnings-per-share accretion beginning in year two. Following the close of the transaction, Veolia’s global hazardous waste revenue is projected to reach €5.2 billion with an EBITDA margin of 17 percent, and the company now targets at least 10 percent EBITDA growth in hazardous waste from 2024 to 2027.
The U.S. hazardous waste market has remained resilient, driven by demand from sectors undergoing major transformation and reshoring, including advanced manufacturing, semiconductor production, clean energy, pharmaceuticals and healthcare. Veolia said the combined platform will enable improved logistics, expanded treatment capabilities and the ability to address emerging contaminants such as PFAS, while also expanding its reach into underserved regions including the Southeast and Pacific Northwest.
The acquisition also accelerates Veolia’s broader GreenUp portfolio transformation, which includes €2 billion in additional asset disposals tied to mature activities. With this latest set of transactions, the company will have executed approximately €8.5 billion in asset rotation since GreenUp began.
Veolia will finance the acquisition through existing resources and debt while maintaining its target investment-grade credit rating. The company expects leverage to be around or slightly above 3x in 2026 and at or below 3x in 2027.
The transaction is expected to close in mid-2026, subject to customary approvals, including clearance from Enviri’s shareholders and relevant regulatory authorities.
