Veolia has reached an agreement with Moroccan authorities to sell its stake in Lydec to the Société Régionale Multiservices Casablanca-Settat. This sale, expected to be finalized by the end of 2024, was a prerequisite for Veolia’s acquisition of Suez in 2022.
Lydec is responsible for the delegated management of public services in the Casablanca region, including the distribution of drinking water, electricity, sanitation, and public lighting. The financial closure of the transaction is anticipated by the end of 2024, following the necessary administrative approvals. This anticipated sale will not impact Veolia’s 2024 financial guidance or its GreenUp strategic plan objectives.
Despite the sale, Veolia will remain a key partner in Morocco, continuing its involvement in water and electricity distribution through contracts in Rabat, Tangier, and Tetouan. Estelle Brachlianoff, CEO of Veolia, commented on the transaction, saying, “We commend Lydec’s contribution to the development of essential water and sanitation services in Morocco over the past 27 years. This sale will ensure a smooth transition for the benefit of local populations and support the establishment of the new regional multi-service companies.”
