Enviri Corporation (NYSE:NVRI) stock rose Friday after the company inked a definitive deal to sell its Clean Earth business to French company Veolia Environnement SA for $3.04 billion in cash.
Details
As part of the transaction, Enviri shareholders are expected to receive between $14.50 and $16.50 per share.
The shareholders will retain full ownership of the Harsco Environmental and Rail businesses, which will be spun off into a new publicly traded company.
Both companies’ boards have unanimously approved the transaction, which is anticipated to close by mid-2026, subject to shareholder and regulatory approvals.
In relation to the closing of the Clean Earth sale, Enviri will spin off Harsco Environmental and Rail to shareholders, who will receive 0.33 shares of New Enviri per Enviri share.
Management expects about 28 million New Enviri shares to be outstanding upon closure, with central corporate costs at New Enviri to be right-sized.
The Board will finalize shareholder cash proceeds before closing, after accounting for debt payoff and transaction costs.
Enviri plans to retire roughly $1.35 billion of debt, leaving New Enviri with a strong balance sheet — net debt of ~2.0x adjusted EBITDA, an undrawn revolver, and a solid cash position.
Management Commentary
Enviri Chairman and CEO Nick Grasberger said, “In addition to the significant cash consideration shareholders will receive, we are also positioning New Enviri to achieve its goals and to create shareholder value over time.”
“As a market-leading provider of innovative services and products, New Enviri will have a strong capital structure and an improving cash flow profile. We remain laser focused on continuing to take actions to stabilize Harsco Rail while leveraging innovation and service capabilities to support Harsco Environmental’s leadership and growth.”
Price Action: NVRI shares were trading higher by 33.60% to $18.13 premarket at last check Friday.
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