Veolia to sell Berlinwasser for $784 million

Veolia Environnement (Paris France) and the Federal State of Berlin in Germany have signed an agreement under which Veolia will sell its 24.95% stake in municipal water and wastewater company Berlinwasser to the Berlin government for €590 million (about $784 million U.S.). The sale price will be supplemented by about $15.9 million U.S. for miscellaneous items and the share of dividends and interests due during the 2013 financial year. The sale, part of Veolia’s ongoing $7.97 billion U.S. asset divestment program, is subject to approval by the Senate and Parliament of Berlin and by European Union antitrust authorities. The deal will give the State of Berlin full control of Berlinwasser. Veolia said that it will remain active in providing water and waste management services to municipalities and industrial companies in Germany.