DivestmentMay 4, 2026, 05:08 PM
Enviri Shareholders Approve Clean Earth Sale to Veolia with 99.54% Vote
AI Summary
Enviri Corporation announced that its stockholders approved the sale of its Clean Earth business to Veolia Environnement S.A. for $3.04 billion in cash. The Transaction Proposal passed with approximately 99.54% of votes cast. However, stockholders did not approve the non-binding advisory proposal regarding executive compensation related to the merger. The company expects to complete the transaction, which includes the spin-off of its Harsco Environmental and Harsco Rail businesses into a new entity called "New Enviri," by mid-year 2026.
Key Highlights
- Enviri shareholders approved the sale of its Clean Earth business to Veolia Environnement S.A.
- The sale is for an aggregate cash consideration of $3.04 billion, subject to customary adjustments.
- The Transaction Proposal received 69,861,257 "FOR" votes, representing approximately 99.54% of votes cast.
- Shareholders did not approve the non-binding merger-related executive compensation proposal.
- The executive compensation proposal received 14,466,837 "FOR" votes and 54,341,070 "AGAINST" votes.
- The company anticipates the merger will be completed mid-year 2026.
- Immediately prior to closing, Enviri will spin off its Harsco Environmental and Harsco Rail segments as "New Enviri."
- New Enviri is expected to have annualized 2026 pro forma revenues of approximately $1.2 billion.