On 14 May, Veolia and SUEZ signed a combination agreement confirming the terms of the agreement in principle concluded on 11 April, following approval by their respective Boards of Directors.
This agreement enables Veolia to acquire the strategic assets needed to pursue its goal of building a global champion in ecological transformation, while guaranteeing a coherent and sustainable industrial and social footprint for the new SUEZ; reiterates the social commitments made by Veolia; and confirms that the acquisition price per share of the SUEZ Group will be raised to €20.50 (cum dividend).
A Memorandum of Understanding has also been signed between SUEZ, Veolia, and the Consortium of investors composed of Meridiam–GIP–CDC/CNP with a view to creating a new SUEZ with estimated revenues of nearly EUR 7 billion, comprising the SUEZ Water and Recycling & Recovery businesses in France as well as international assets, and growth prospects and development capacities both internationally and in France. The agreement provides a framework for the negotiation of the final terms of the agreement to be concluded between SUEZ, Veolia and the Consortium on the basis of the offer submitted by the Consortium.
Gide (with a team comprising partners Olivier Diaz and Charles de Reals, with associate Henri Stiegler) advised Veolia alongside Professor Xavier Boucobza, Cleary Gottlieb (Pierre-Yves Chabert, Rodolphe Elineau, Séverine Schrameck, Anne-Sophie Coustel, Joris Estorges) and Mayer Brown (team headed by Jean-Philippe Lambert).
Gide also advised on the financing of the Veolia offer with partners Hubert du Vignaux, Laurent Vincent and Eric Cartier-Millon, working with counsel Delphine Guillotte and associates Aude-Laurène Dourdain, Victor Delion and Margaux Allilaire.
Suez was advised by firms Bredin Prat (Benjamin Kanovich, Adrien Simon, Laura Gabay) and Darrois Villey Maillot Brochier (Bertrand Cardi, Christophe Vinsonneau, Gersende Renard).
Meridiam was advised by firms Davis Polk (Georges Terrier) and Weil Gotshal (Benjamin de Blégiers), GIP by Latham & Watkins (Olivier du Mottay), CDC by BDGS (Antoine Bonnasse), and CNP by Orrick (Patrick Tardivy).