Veolia Environnement SA has agreed to sell its water, waste and energy activities in Israel to funds managed by Oaktree Capital Management LP.

The transaction, which will allow Veolia to cut debt by about €250 million ($341 million), is part of Veolia's strategy to refocus the group geographically and to concentrate on areas where it can seize less capital intensive opportunities, as defined by its Chairman and Chief Executive Officer Antoine Frérot at the end of 2011.

Closing of the transaction is subject to the approval of the Israeli Antitrust Authority and change of control authorizations common in such transactions. It is expected by Q4 2014.

Veolia has over 200,000 employees worldwide. The company designs and provides water, waste and energy management solutions that contribute to the sustainable development of communities and industries. 

In 2013, Veolia supplied 94 million people with drinking water and 62 million people with wastewater service, produced 86 million megawatt hours of energy and converted 38 million metric tons of waste into new materials and energy.