Schwarz Group-backed PreZero completed the acquisition of recycling and recovery business of Suez for $1.3bn.

PreZero, the environmental division of the Schwarz Group, completed the acquisition of recycling and recovery business operations of Suez Group, a waste management company, for $1.3bn. For Suez, the disposal represents another major step in the delivery of its asset rotation plan deployed in the scope of Suez 2030 strategy, which aims at positioning the Group as the global, agile, innovative and highly technological leader in environmental services. "This project marks a major step in the achievement of our SUEZ 2030 strategic plan. This transaction is part of our asset rotation program and values the quality of our business portfolio. I am very excited about the opportunity to accelerate the circular economy with our partners at Schwarz Group as part of the Memorandum of Understanding signed today. We are confident that, within PreZero, these activities and teams will continue to grow for the benefit of the environment," Bertrand Camus, Suez CEO. On March 18, 2021, Schwartz offered asset sales to allay EU concerns regarding the $1.3bn Suez unit buyout.