Enviri agrees to sell Clean Earth unit for $3.04 billion

Enviri Corporation (NVRI) announced it has entered into a definitive agreement to sell its Clean Earth business to Veolia Environnement SA for $3.04 billion in cash, according to a company statement.

Under the transaction structure, Enviri shareholders will receive cash consideration of $14.50 to $16.50 per share and retain ownership of the company’s Harsco Environmental and Rail businesses through a spin-off into a standalone public company called New Enviri. Shareholders will receive 0.33 shares of New Enviri for each Enviri share held.

The boards of both Enviri and Veolia have approved the transaction, which is expected to close in mid-2026 subject to Enviri shareholder approval and regulatory clearance. New Enviri is projected to have approximately 28 million shares outstanding upon completion.

Enviri plans to use proceeds to repay approximately $1.35 billions of existing debt. The company stated New Enviri will have a net debt to adjusted EBITDA ratio of approximately 2.0x and an undrawn revolving credit facility equivalent to 1.0x adjusted EBITDA at closing.

Russell Hochman, currently Enviri’s senior vice president and general counsel, has been appointed president and chief operating officer effective immediately. He will become CEO of New Enviri when the transaction completes. Current Enviri Chairman and CEO Nick Grasberger will remain through the Clean Earth sale completion.