Energy services firm Dalkia to be split between EDF and Veolia

French energy firm EDF and water and waste company Veolia Environnement are about to conclude a deal to split Dalkia, their jointly owned energy services firm.

EDF (Euronext: EDF) will acquire Dalkia’s French business, while Veolia will acquire Dalkia International, which develops biomass and combined heat and power projects worldwide.

Veolia Environnement currently owns 66% of Dalkia, while EDF owns the rest. The deal will include a cash payment to EDF of €550 million (US$759 million) to make up the difference in value between the two companies’ stakes.

Dalkia’s revenues for 2012 amounted to €3.8 billion from its French business and €3.7 billion from its international business. 

The deal will also end a court case pending before the Commercial Court in Paris, in which EDF sued Veolia in October 2012 for failure to implement a previously agreed 50-50 split in ownership.

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