PARIS (Reuters) - French water and waste group Veolia Environnement (VIE.PA) said on Tuesday it reached a deal to sell its 24.95 percent stake in water utility Berlinwasser to the city of Berlin for at least 590 million euros ($781.92 million).
The move is the latest in a debt reduction plan which has seen Veolia, the world’s biggest waste and water company, target asset sales of nearly 6 billion euros of assets over 2012-2013. That program is now close to completion, Veolia said in a statement.
The sale of the Berlinwasser stake will be supplemented by 12 million for miscellaneous items and the share of dividends and interests due with respect to the 2013 financial year.
The deal, subject to approval by the Senate and Parliament of Berlin, as well as EU antitrust authorities, is expected to be finalized by the end of the year.
The sale of Veolia’s Berlinwasser stake had been expected after RWE (RWEG.DE), Germany’s No. 2 utility, sold an identical stake back to the State of Berlin last October in a deal worth 658 million.
($1 = 0.7546 euros)
Reporting by Dominique Vidalon; Editing by Christian Plumb