Veolia announces the sale of Lydec to SRM Casablanca-Settat

Veolia announces the sale of Lydec to SRM Casablanca-Settat
Veolia announces the sale of Lydec to SRM Casablanca-Settat

In accordance with the commitments made to the Moroccan competition authorities, Veolia announces that it has reached an agreement with the Moroccan authorities for the sale to the Société régionale multiservices (SRM) Casablanca-Settat of its entire stake in Lydec, acquired during the takeover of Suez in 2022.

The French group Veolia has concluded an agreement with the Moroccan authorities for the total sale of Lydec, its major subsidiary which has been providing delegated management of public services for the distribution of drinking water, electricity, sanitation and public lighting since 1997 in Casablanca and its region.

“In accordance with the commitments made to the Moroccan competition authorities, Veolia has reached an agreement with the Moroccan authorities for the sale to the Société régionale multiservices Casablanca-Settat of its entire stake in Lydec, acquired during the takeover of Suez in 2022”the group announced in a press release.

“The financial closing of the transaction is expected to occur by the end of 2024 after all necessary administrative approvals have been received. The anticipated sale of Lydec has no impact on the 2024 financial guidance or on the objectives of Veolia’s GreenUp strategic plan.”it is emphasized.

“Following this transaction, Veolia will remain a major partner of the Kingdom of Morocco, present in particular in water and electricity distribution activities thanks to its contracts in Rabat, Tangier and Tetouan”the statement added.

Veolia CEO Estelle Brachlianoff welcomed “Lydec’s contribution to the development of essential water and sanitation services in Morocco for more than 27 years”. According to her, “This transfer will ensure a smooth transition for the benefit of local populations and support the establishment of new regional multi-service companies.”.

It should be noted that the Casablanca-Settat SRM, like those of the Oriental, Marrakech-Safi and Souss-Massa should be operational in 2024. The SRMs of the Tangier-Tetouan-Al Hoceima, Fez-Meknes, Rabat-Salé-Kénitra and Beni Mellal-Khénifra regions should be created by February 2025. As for the SRMs of the Drâa-Tafilelt, Guelmim-Oued Noun, Laâyoune-Sakia El Hamra and Dakhla-Oued Ed-Dahab regions, they should be created no later than August 2025.

The use of this SRM option can be explained by several reasons, including the generalization of access to electricity, drinking water and liquid sanitation distribution services and the application of the lowest possible rates for drinking water, electricity and liquid sanitation.

-

-

PREV Mayor stung by wasp nearly dies
NEXT LIVE. Tour de France, 20th stage: Bardet and Armirail at the front, the riders in the Col de Turini