Veolia has announced that it has signed a draft agreement with German group Rethmann for the sale of its remaining 30% stake in Transdev for EUR340 million (US$392.9 million). Transdev is an international public transport operator, providing 11 million passenger trips across the world every day. In 2017, the group generated total revenues of EUR6.6 billion (US$7.63 billion).

Following the sale of its 20% stake to Caisse des Dépôts in December 2016, Veolia and CDC jointly sought a new shareholder interested in acquiring Veolia’s remaining 30% stake in Transdev and supporting the company’s future development. This transaction will mark the end of Veolia’s withdrawal process from the Transport business.

The proposed acquisition by Rethmann will be presented to the employee representative bodies of Transdev and submitted for approval to the relevant authorities with the aim of closing the transaction by the end of 2018.

Caisse des Dépôts Group will control Transdev with 66% of the shares and more than two thirds of the voting rights. The Board of Directors would be made up of 11 members: six representing Caisse des Dépôts Group, one independent, one representing the employees, and three representing Rethmann Group.