France-based waste management and recycling firm Veolia Environnement has signed an agreement with Entreprenør Marius Pedersens Fond (Marius Pedersen Foundation) for the sale of its 65 percent stake in Marius Pedersen Group for €240 million (US$325 million). Marius Pedersen Group provides solid waste management services in Denmark, the Czech Republic and Slovakia.
The transaction is expected to close in the summer of 2014 and is subject to the approval of the Danish Commercial Foundations Supervisory Authorities.
Marius Pedersen Foundation presently owns the remaining 35 percent of the Marius Pedersen Group.
Veolia says the sale is part of its plan to reduce its debt through divesting non-core assets. At the same time, Veolia says it has developed a strategy to refocus its efforts on sectors and geographic regions that “can bring higher value of the company.”