Veolia makes bold $3 billion bet to double US hazardous waste biz with Clean Earth acquisition

Clean Earth operates 82 locations nationwide, including 19 EPA-permitted TSDFs and more than 700 operating permits

Veolia has announced its largest and most transformative acquisition since merging with Suez, signalling a major push to accelerate growth in the US hazardous waste sector.

The French environmental giant has struck a deal to acquire Clean Earth from Enviri for $3 billion (€2.6 billion), positioning Veolia as the number two player in a fast-growing industry.

The move will double Veolia’s US hazardous waste footprint, providing nationwide operations, expanded market coverage, and an advanced portfolio of technical capabilities. It also strengthens Veolia’s presence in high-growth sectors such as retail and healthcare, enabling the company to offer comprehensive environmental services across the country.

Financially, the acquisition promises immediate returns. Veolia expects $120 million in synergies by year four, EPS accretion starting in year two, and hazardous waste revenue climbing to €5.2 billion with a 17% EBITDA margin. The company now targets at least 10% EBITDA growth in this division from 2024 to 2027.

Clean Earth operates 82 locations nationwide, including 19 EPA-permitted Treatment, Storage, and Disposal Facilities (TSDFs) and more than 700 operating permits. Its portfolio complements Veolia’s existing operations, unlocking enhanced logistics, treatment capabilities—including PFAS remediation—and expansion into underserved regions like the Southeast and Pacific Northwest.

The acquisition aligns with Veolia’s GreenUp program, driving both international expansion and strategic portfolio transformation. Combined with ongoing asset rotations totaling €8.5 billion since GreenUp’s launch, the move underlines Veolia’s ambition to lead in sustainable environmental services.

The deal will be financed through existing resources and debt while maintaining Veolia’s investment-grade rating. Closing is expected by mid-2026, pending shareholder and regulatory approvals.