09:43 AM EST, 11/21/2025 (MT Newswires) -- Enviri ( NVRI ) said Friday that it agreed to sell its hazardous-waste unit Clean Earth to French water and waste management company Veolia Environnement in a deal worth about $3.04 billion, while the American environmental company plans to spin off its Harsco environmental and rail businesses into a standalone publicly traded entity.

Shareholders of Enviri ( NVRI ) are expected to receive cash consideration of $14.50 to $16.50 a share, plus stock in the new publicly traded company. The deal, which requires approval from Enviri's ( NVRI ) stockholders and clearance from regulators, is expected to complete in the middle of next year.

The company's shares jumped 31% in Friday trade.

Enviri ( NVRI ) will also launch a taxable separation of its Harsco environmental and rail businesses to its shareholders at the completion of the Clean Earth sale. Enviri's ( NVRI ) investors will receive about 0.33 shares in the new entity for each share they own as part of the transaction.

"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," Enviri ( NVRI ) Chief Executive Nick Grasberger said in a statement. "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."

Enviri ( NVRI ) doesn't expect the sale and the spin-off to result in any material cash tax expense to the company or the new entity. Enviri ( NVRI ) plans to repay about $1.35 billion of existing debt.

The transaction will double Veolia's hazardous waste footprint in the US, the company said in a separate statement.

"It allows us to unlock the full value potential of our US hazardous waste activities and to double our size on this critical fast growing sector, creating a number 2 player," Veolia CEO Estelle Brachlianoff said. "It will also unlock a new growth potential for the Group by strengthening our exposure to the most dynamic industries across the US, and open up new opportunities for our diversified offerings nationwide."

In addition, Enviri ( NVRI ) announced that it appointed Chief Compliance Officer Russell Hochman to the additional role of chief operating officer, effective immediately. Hochman will serve in the role until the spin-off takes effect, after which he will become CEO of the new entity.

"I am honored to serve as New Enviri's CEO and am confident in the company's potential," according to Hochman. "New Enviri ( NVRI ) will be positioned for success, supported by a stronger capital structure that will create enhanced opportunities for both businesses."

Price: 17.61, Change: +4.04, Percent Change: +29.72