Suez: acquisition opens the door to Saudi market
(CercleFinance.com) - Suez, Itochu and the Saudi Five Capital Fund have completed the acquisition of a majority stake in Environment Development Company (EDCO), a Saudi hazardous waste management company.
This strategic operation will enable the partners to position themselves in the hazardous waste market, which is growing rapidly in Saudi Arabia, where major projects in the petrochemical industry are underway and subject to feasibility studies.
EDCO will be jointly managed by Suez and its new co-shareholders.
The transaction amounts to just under 26 million euros for Suez, which, through this operation, will be able to strengthen its presence in the Middle East and seize new growth opportunities within the Saudi industrial sector.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
This strategic operation will enable the partners to position themselves in the hazardous waste market, which is growing rapidly in Saudi Arabia, where major projects in the petrochemical industry are underway and subject to feasibility studies.
EDCO will be jointly managed by Suez and its new co-shareholders.
The transaction amounts to just under 26 million euros for Suez, which, through this operation, will be able to strengthen its presence in the Middle East and seize new growth opportunities within the Saudi industrial sector.
Copyright (c) 2020 CercleFinance.com. All rights reserved.