BUSINESS

Veolia acquires Clean Earth; Enviri to spin off

PUBLISHED Nov 21, 2025, 1:10 PM ET

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Philadelphia, United States. Veolia Environnement agreed Friday to buy Enviri’s Clean Earth unit for $3.04 billion in cash, the companies announced. Enviri said shareholders will receive $14.50–$16.50 per share and 0.33 share of a newly spun New Enviri for each Enviri share. The transaction, approved by both boards, is expected to close by mid‑2026 pending shareholder and regulatory approval. Enviri intends to use about $1.35 billion of proceeds to pay down debt and will spin off its Harsco Environmental and Rail businesses into New Enviri, which will be led by Russell Hochman. Based on 11 articles reviewed and supporting research.

By Daniel Hayes | JQJO News

Timeline of Events

2019: Enviri acquired Clean Earth for approximately $625 million.
4 August 2025: Enviri's unaffected stock price reported at $8.63.
21 November 2025: Enviri and Veolia announced $3.04 billion sale of Clean Earth.
21 November 2025 (premarket): NVRI stock surged roughly 34–37% after the announcement.
Mid-2026: Parties expect transaction close subject to shareholder and regulatory approvals.

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Who Benefited

Veolia expanded its U.S. hazardous-waste footprint and expects $120 million in synergies; Enviri shareholders received $14.50–$16.50 per share plus New Enviri stock and proceeds to reduce $1.35 billion of debt.

Who Impacted

Halper Sadeh LLC announced an investigation questioning whether Enviri’s board obtained the best possible consideration for shareholders, indicating some stakeholders have raised legal and disclosure concerns.

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