Our Work

Latham Advises Saur in Connection With the European Commission’s Review of Veolia’s Acquisition of Suez, and Subsequently on Saur’s Acquisition of Veolia’s Mobile Water Services Business

December 7, 2022
A cross-border multidisciplinary team represented Saur throughout the case, which lasted over two years.

Latham & Watkins advised Saur in connection with the acquisition of Suez by Veolia, one of the leading mobile water players in Europe, first as a third party to the procedure during the review of the transaction by the European Commission and the UK Competition and Markets Authority (CMA), and then as purchaser of the divested assets in the context of the commitments made by Veolia.

Saur's action as a third party during the review of the transaction by the European Commission and the CMA was illustrated by regular and extensive exchanges with the competition authorities’ team in charge of the case, in particular concerning the analysis of the horizontal effects of the Veolia/Suez transaction on the mobile water markets in France, in the UK, and in Europe. Saur then positioned itself as a purchaser of the divested Mobile Water Services assets (MWS), which were owned by Veolia.

Latham led the approval process for Saur as a suitable purchaser by the European Commission and the CMA, and negotiated the acquisition, for a total consideration of approximately €190 million. MWS Europe will be integrated into the global mobile water services platform of Nijhuis Saur Industries (NSI), a wholly owned subsidiary of Saur, and will become one of the leading European players in this sector.

The Latham team was led by Paris antitrust partner Jacques-Philippe Gunther, with Paris/Brussels associate Clément Pradille and Paris associate Anne-Claire Théry. Advice was also provided on antitrust matters by Brussels partner John Wileur, London partner David Little, and London associates Greg Bonné and James Mathieson; on corporate matters by Paris partner Pierre-Louis Cléro, Paris counsel Raphael Darmon, and Paris associates Adrien Levallois et Lorraine Dorval; on commercial and contracts matters by Paris partner Jean-Luc Juhan with Paris associate Daniel Martel; on tax matters by Paris counsel Cécile Mariotti with Paris associates Clémence Morel and Camille Pons; and on employment matters by Paris partner Matthias Rubner with Paris associate Léo Theillac.