PARIS, Oct 2 (Reuters) - French utility Veolia has agreed to sell its 30 percent stake in transport company Transdev to Germany’s Rethmann Group for 340 million euros ($393 million), raising capital and allowing Veolia to focus more on its main businesses.
Veolia, whose main businesses are in the water and waste management sectors, said in a statement on Tuesday that the deal was expected to be closed by the end of 2018.
Rethman’s acquisition of the stake should reinforce the international presence of Transdev, which already generates more than 60 percent of its activity on overseas markets.
Rethmann is a 100 percent family-owned German service and utility group, active in logistics and transportation, water and recycling through its subsidiary Remondis and in the field of bio-technologies. It has 72,000 employees, revenue of 14.4 billion euros, excluding public-private partnerships, and three billion euros in equity.
$1 = 0.8654 euros Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta/Leigh Thomas