The logo of the french corporation Veolia. (picture alliance/NurPhoto/archive)
French environmental services giant Veolia on Tuesday announced that it had agreed to sell its 30 percent stake in public transport operator Transdev to Germany's Rethmann Group for 340 million euros (392 million dollars).
The move, which has to be approved by regulators, will give Rethmann a 34 percent stake alongside the majority owner, French public financing institution Caisse des Depots Group.
Transdev runs public transport services in twenty countries around the world, often on behalf of national or local governments. It posted revenue of 6.64 billion euros (7.66 billion dollars) and net profit of 76 million euros in 2017.
Veolia is also specialized in outsourcing, but it has been seeking an exit from the public transport business, while Rethmann has a logistics division as well as water, recycling and biotechnology businesses.
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