By RTT News,
July 10, 2014, 03:38:00 AM EDT
(RTTNews.com) - French utility Veolia Environnement SA ( VE ) has inked a deal with funds managed by Oaktree Capital Management, L.P., a global investment manager, for the sale of its water, waste and energy activities in Israel. This would contribute to Veolia's debt reduction by nearly 250 million euros.
The company's strategy is to refocus the Group geographically and to focus on areas where it can seize less capital intensive opportunities, as defined by its Chairman and Chief Executive, Antoine FrÃ©rot, at the end of 2011.
The transaction may close by the fourth quarter of 2014.
In 2013, Veolia supplied 94 million people with drinking water and 62 million people with wastewater service, produced 86 million megawatt hours of energy and converted 38 million metric tons of waste into new materials and energy.
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