French water and waste management giant Veolia announced a deal on November 21 to buy US hazardous waste remediation contractor Clean Earth for $3 billion, which the buyer described as “its largest and most transformative acquisition” since the company’s 2021 purchase of water management firm Suez.
Veolia said the acquisition of the King of Prussia, Pa.-based company, an all-cash deal set to close in mid-2026, would accelerate its U.S. environmental holdings and double its share of the hazardous waste market, “a fast-growing U.S. sector, with a nationwide operating platform, broader market coverage and an advanced portfolio of technical capabilities.”
Veolia’s purchase agreement with parent Clean Earth Enviri Corp., Philadelphia, was approved by the boards of directors of both companies, but needs a vote of the seller’s shareholders and will close in mid-2026.
Enviri would retain full ownership of its UK-based subsidiaries Harsco Environmental and Harsco Rail, but they will become a stand-alone publicly traded company.
Clean Earth Firm ranks #33 on ENR’s list of the top 200 environmental companies, with nearly $940 million in global environmental services revenue by 2024, with 96% of that in hazardous waste remediation and all in the US. Veolia ranks first on the top 200 list, with a total of more than $46 billion in global environmental services revenue.
The transaction “delivers strong shareholder value creation with $120 million” of future synergies, Veolia said. Upon completion of the deal, he said the company’s hazardous waste revenue will reach 5.2 billion euros. Veolia aims for net profit growth of at least 10% during 2024-27 in this sector.
“The hazardous waste treatment sector is particularly robust, particularly in the United States, where it is weathering a difficult economic environment,” Veolia said. “It is an essential service for key industries, especially those in the process of transformation or relocation of production.”
The combined company offers “enhanced logistics and expanded treatment technologies and capabilities, including treatment of PFAS and new contaminants,” Veolia said. “It also allows [the firm] to further develop their business in underserved geographies such as the Southeast and Pacific Northwest.”
