Nov. 21 at 3:25 PM
Enviri shares moved higher in pre-market trading after the company agreed to sell its Clean Earth business to Veolia for
$3.04B in cash, with both boards unanimously approving the deal. Enviri shareholders are expected to receive
$14.50–
$16.50 per share in cash and will retain ownership of the Harsco Environmental and Rail businesses through a spin-off, to be listed as “New Enviri”, receiving 0.33 shares of the new entity for each NVRI share held.
The transaction represents a significant premium to Enviri’s unaffected price of
$8.63 (as of Aug. 4, 2025). Proceeds will allow Enviri to pay down
$1.35B of existing debt, leaving New Enviri conservatively capitalized, with net leverage of roughly 2.0x adjusted EBITDA and an undrawn revolver at close.
On leadership, Russell Hochman —currently COO, General Counsel, and Chief Compliance Officer— has been appointed President and COO effective immediately and will become CEO of New Enviri once the separation is completed.
$NVRI $VEOEY