French water utility Veolia Environnement has announced plans to divest several of its UK assets as part of its restructuring programme.
The €5 billion of assets it will sell include three UK-regulated water companies and its 50 per cent stake in public transport company Transdev.
The three companies are Veolia Water Central, Southeast and East—known until 2009 as Three Valleys Water, Tendring Hundred and Folkestone & Dover. Together, the companies have a combined turnover of £269 million and serve more than three million customers.
The company also plans to sell its stake in public transport company Transdev. Transdev owns London Sovereign, the operator of 12 London bus routes; Blazefield, the operator of bus services in Lancashire and North and West Yorkshire; an 18 per cent stake in Nottingham City Transport; and greentomatocars, the environmentally-friendly London private car hire service.
Commenting on the divestment plan, Antoine Frérot, Veolia Environnement’s chairman and chief executive officer, said: "The strategic plan that we are announcing today is going to drive a profound transformation of our company in order to adapt to the current economic and financial environment and to quickly position Veolia Environnement to capture the most attractive growth opportunities.
“It is an ambitious, but realistic plan. My management team and I are committed to this effort with conviction and confidence."
Veolia has confirmed it has no plans to divest any of its waste, non-regulated water or energy services operations in the UK.
Veolia Environnement provides environmental solutions to customers in four sectors: water, environmental services, energy services and passenger transport. The company employs more than 317,034 people and recorded revenues of €34.8 billion in 2010.
