Veolia/Suez Merger Approval

On behalf of Suez in its acquisition by the international environmental services conglomerate Veolia, Analysis Group teams provided economic and financial analyses for review by regulatory agencies in multiple countries.

An Analysis Group team led by Managing Principal Antoine Chapsal, Principal Emmanuel Frot, and Manager Lucien Frys supported Suez in the European Commission’s (EC’s) merger review. The team collected data on all affected markets in the European Union and prepared economic analyses, including a detailed bidding data analysis and market share estimation. The team then assessed the impact of the merger on innovation incentives by analyzing a very large set of patents and estimating the closeness of innovation processes between the parties. The EC approved the merger, dependent on the divestiture of certain French assets. The team also assessed the competitive impact of the merger on the Moroccan energy and water services markets.

Another Analysis Group team, led by Dr. Chapsal and Vice President Josh White, worked on submissions to the Australia Competition and Consumer Commission, covering the competitive impact of the merger on landfill disposal in the Sydney region; operation and maintenance of water and wastewater treatment plants and desalination plants across Australia; and commercial and industrial collections in a number of local markets.

Global Competition Review recognized the Suez/Veolia combination as its “Merger Control Matter of the Year – Asia-Pacific, Middle East and Africa” in its 2022 Antitrust Awards. The annual awards are given for “creative, strategic, and innovative work by teams of in-house and external lawyers and economists.”