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Brookfield $BAM to Acquire Brazilian Odebrecht Environmental for Reported $1.65B

Brookfield $BAM to Acquire Brazilian Odebrecht Environmental for Reported $1.65B

Reuters reported. The deal is said to be valued a 5.3 billion real ($1.65 billion), implying an 8.5x EBITDA multiple. The transaction is expected to be completed by the end of the year. Odebrecht Ambiental, also known as Odebrecht Environmental, serves more than 16 million people in over 180 Brazilian municipalities. Odebrecht Group is expected to retain the right to develop its water concession projects outside Brasil and Brookfield will re-brand Odebrecht Ambiental, which was named Foz until 2012. Brookfield, Canada’s largest alternative asset manager, has roughly $225 billion in assets under management. The firm invests in the property, power, and infrastructure sectors. The firm was formerly known as Brascan Corp. Brookfield is based in Toronto, Canada with additional offices across North America, South America, Europe, Asia, and Australia. The deal comes two months after Odebrecht Latinvest agreed to sell 57 percent of Peruvian road concession Rutas de Lima, also to Brookfield. At closing, Rutas de Lima will be owned by Brookfield and its institutional partners (57%), Odebrecht Latinvest (25%) and Sigma (18%), Odebrecht said. Odebrecht Group, Brazil’s fourth largest private group, is a global conglomerate consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals. The company was founded in 1944 in Salvador da Bahia by Norberto Odebrecht, and is now present in South America, Central America, North America, the Caribbean, Africa, Europe and the Middle East. The group’s leading company is Construtora Norberto Odebrecht SA, the biggest engineering and contracting company in Latin America. Odebrecht’s Braskem SA is the largest petrochemicals producer in Latin America and one of Brazil’s five largest private-sector manufacturing companies. By revenue Braskem is the fourth largest petrochemical company in the Americas and the seventeenth in the world. In June 2015, Brazilian authorities arrested the group’s chief executive Marcelo Odebrecht, in connection with an ongoing probe into bribes paid by the Brazilian oil giant, Petrobras, which has seen the last two presidents of Brazil, Dilma Rouseff (suspended from office in March 2016 and subject to an upcoming impeachment trial) and her predecessor Luiz Inácio Lula da Silva, embroiled in the scandal. In March 2016, Marcelo Odebrecht was slapped with a 19-year prison sentence, for paying over $30 million in bribes to executives of Petrobras, in exchange for contracts and influence.]]>

French Group Veolia to Acquire Kurion Nuclear Cleanup Startup for $350M

French Group Veolia to Acquire Kurion Nuclear Cleanup Startup for $350M

The acquisition completes a critical part of Veolia’s strategy in the nuclear cleanup sector. Its objectives in this area were outlined in 2013 when the company signed a collaboration agreement with the French Alternative Energies and Atomic Energy Commission (CEA) and formed Asteralis. With the addition of Kurion’s expertise and technology, Veolia is rounding out its portfolio of services to the nuclear industry and will now be able to provide all existing solutions and know-how in both nuclear facility cleanup and the treatment of low and medium-level radioactive waste. Veolia has unique expertise and know-how in the management of sensitive sites. Its Asteralis subsidiary specializes in characterizing waste and assessing nuclear facilities. Its specialist subsidiaries in water and waste treatment, and soil remediation—Veolia Water Technologies, SARP Industries and GRS Valtech—have state-of-the-art technology that can serve the nuclear industry. The combination of these technologies and know-how with that of Kurion in radioactive waste separation, vitrification and robotics for access to sensitive areas, will enable Veolia to develop a world-class industrial offer for nuclear facility cleanup and the treatment of low and medium-level radioactive waste. Synergies may be deployed in the medium term to develop an integrated offer for facility cleanup and restoration, as well as the treatment of solid and liquid waste. The offer will be proposed to the nuclear sector (facilities and research centers, that are in operation or being decommissioned), as well as to the oil industry and the pharmaceuticals industry. “With Veolia, Kurion has found the perfect partner to accelerate our growth trajectory while expanding our markets and commercial offerings. The combination of the two companies establishes a major force in the Nuclear Restoration market”, said William Gallo, Kurion CEO. “The dream when we started was deep technology, rapid growth and permanent global impact. I was extremely impressed and persuaded by the vision of Veolia CEO Antoine Frérot for growth and permanence.  I look forward to seeing positive headlines for years to come,” said Josh Wolfe, MD of Lux Capital, who founded and funded Kurion. Antoine Frérot, chairman and CEO of Veolia, said: “Bringing Kurion and its employees into Veolia is going to enable us to develop a world-class integrated offer in nuclear facility cleanup and treatment of low level radioactive waste around the world. By having all the expertise and solutions that are indispensable for the treatment of this type of waste, our company is confirming that it is what it has always been: a pioneer in the treatment and recovery of waste and resources.” The acquisition is subject to approval by US authorities, in particular US antitrust authorities. Veolia Environnement S.A. is a global leader in optimized resource management. With over 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions that contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2014, the Veolia group supplied 96 million people with drinking water and 60 million people with wastewater service, produced 52 million megawatt hours of energy and converted 31 million metric tons of waste into new materials and energy.]]>

Oaktree Capital closes acquisition of Veolia Israel

Oaktree Capital closes acquisition of Veolia Israel

Uri Starkman, founder and chairman, Veolia Israel[/caption] Oaktree managing director Oren Peleg added, “The deal with Veolia Israel is a harbinger of Oaktree investments in Israel. We’re excited that our first acquisition is the acquisition of a company that is one of the leaders in Israel and worldwide in the environment, energy, garbage, and water, and we believe that thanks to our capabilities and global experience, we’ll be able to improve Veolia Israel and move it forward to additional successes.” He further added, “The fruitful cooperation with the major banks in Israel is strategically important for Oaktree in advance of its next investments in the Israeli market.” Veolia Environment S.A. (Euronext: VIE, NYSE: VE), a French transnational company headquartered in Paris, is a global leader in optimized resource management. With over 179,000 employees worldwide, the group designs and provides water, waste and energy management solutions that contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. Between 2000 and 2003 Veolia was known as Vivendi Environment. Prior to 1998 it was known as Compagnie Générale des Eaux. In 2014, the Veolia group supplied 96 million people with drinking water and 60 million people with wastewater service, produced 52 million megawatt hours of energy and converted 31 million metric tons of waste into new materials and energy. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €24.4 billion in 2014 (based on 2014 pro-forma figures, including Dalkia International (100%) and excluding Dalkia France). Oaktree Capital Group, LLC operates as a global investment management firm that focuses on alternative markets. It manages investments in a number of strategies within six asset classes, including distressed debt; corporate debt, including high yield debt and senior loans; control investing; convertible securities; real estate; and listed equities. The company pursues these strategies through closed-end, open-end, and evergreen funds. Oaktree Capital Group, LLC was founded in 1995 and is headquartered in Los Angeles, California. Oaktree’s mission is to provide highly professional management with a primary emphasis on risk control in a limited number of sophisticated investment specialties. Oaktree specializes in less efficient markets and alternative investments, and has extensive experience, an enviable track record, broad product range and substantial assets under management.

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