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Investing.com -- Enviri Corporation (NYSE:NVRI) stock surged 37% in premarket trading Friday after announcing it has entered into a definitive agreement to sell its Clean Earth business to Veolia Environnement SA for $3.04 billion in cash.
The transaction, unanimously approved by both companies’ boards, will deliver significant value to Enviri shareholders who are expected to receive between $14.50 and $16.50 per share in cash consideration. Shareholders will also retain ownership of Enviri’s Harsco Environmental and Rail businesses through a spin-off into a new publicly traded company, referred to as "New Enviri."
Under the agreement, Enviri shareholders will receive 0.33 shares of New Enviri for each Enviri share held, with approximately 28 million New Enviri shares expected to be outstanding upon closing. The deal represents a substantial premium to Enviri’s unaffected stock price of $8.63 on August 4, 2025.
"We are pleased to have reached this agreement, which is the result of a comprehensive strategic alternatives process to maximize value for our shareholders and realize the sum-of-the-parts valuation of our businesses," said Enviri Chairman and CEO Nick Grasberger.
The transaction will allow Enviri to repay approximately $1.35 billion of existing debt, resulting in a conservatively capitalized New Enviri with net debt to Adjusted EBITDA of approximately 2.0x and an undrawn revolving credit facility at close.
Russell Hochman, currently Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary, has been appointed to the additional role of President and Chief Operating Officer, effective immediately. Hochman will become CEO of New Enviri upon completion of the separation.
The sale is expected to close in mid-2026, subject to approval by Enviri shareholders, regulatory clearances, and other customary closing conditions.
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