Veolia to Acquire Clean Earth, Doubling Its U.S. Hazardous Waste Footprint

Veolia has entered into an agreement to acquire Clean Earth from Enviri for approximately $3 billion, according to information released by the company and reported by multiple industry sources. The move is described by Veolia as its most transformative acquisition in the United States since its merger with Suez, significantly expanding its position in the country’s fast-growing hazardous waste sector.

According to company statements, Clean Earth’s network of 82 locations—including 19 EPA-permitted Treatment, Storage and Disposal Facilities—and more than 700 operating permits will be integrated into Veolia’s existing U.S. platform. It is understood that the transaction will effectively double Veolia’s hazardous waste footprint in the country and elevate the Group to the second-largest player in this segment. The acquisition also positions Veolia to broaden its activity in high-growth industries such as healthcare, pharmaceuticals, advanced manufacturing, and retail.

Veolia reports that the deal values Clean Earth at €2.6 billion, equivalent to 9.8 times its projected 2026 EBITDA after planned synergies. According to Veolia, expected synergies of about $120 million by the fourth year and earnings-per-share accretion starting in year two highlight the financial upside of the acquisition. Once completed, the Group’s hazardous waste revenue is expected to reach €5.2 billion with an EBITDA margin of roughly 17%, while total U.S. revenue is projected to rise to around $6.3 billion.

It is understood that Clean Earth’s advanced treatment capabilities—including PFAS remediation technologies and solutions for emerging contaminants—are seen as a strong complement to Veolia’s portfolio. According to people familiar with the matter, the combined operations will create efficiencies through optimized logistics, increased treatment capacity, and expanded geographic coverage, particularly in underserved regions in the Southeast and Pacific Northwest.

Analysts note that the U.S. hazardous waste sector continues to outperform broader economic indicators, driven by reshoring in manufacturing, the expansion of semiconductor and clean-energy production, and increasingly stringent environmental regulations. According to environmental policy experts, rising scrutiny of PFAS and other persistent contaminants is further boosting demand for specialized treatment services. These trends are expected to strengthen the strategic rationale for the acquisition, which also supports Veolia’s financial targets under the GreenUp initiative, including substantial asset rotation and disciplined leverage management.

According to Veolia, the transaction will be financed through existing financial resources and debt while maintaining the Group’s investment-grade rating. It is understood that the deal is expected to close by mid-2026, subject to regulatory approvals and approval from Enviri’s shareholders.

Source: Veolia

SUNSHINE Spotlight: Veolia’s acquisition of Clean Earth positions the company as a leading U.S. hazardous waste operator, strengthening its nationwide reach and specialized environmental capabilities.