07:02 AM EST, 11/21/2025 (MT Newswires) -- (Updates to include leadership changes in the sixth paragraph.)

Enviri ( NVRI ) said Friday it has agreed to sell its Clean Earth unit to Veolia Environnement for $3.04 billion in cash.

Enviri ( NVRI ) shareholders are expected to receive a per-share cash consideration of $14.50 to $16.50 in the deal and retain full ownership of Harsco Environmental and Rail through a spin-off of those businesses into a standalone publicly traded entity.

The respective boards of Enviri ( NVRI ) and Veolia have approved the deal, which is expected to close in the middle of 2026, subject to Enviri ( NVRI ) shareholder approval.

In the spin-off deal, Enviri ( NVRI ) shareholders will receive 0.33 share of New Enviri for each Enviri ( NVRI ) share held.

Enviri ( NVRI ) said it plans to repay about $1.35 billion of debt, landing New Enviri with a net debt-to-adjusted EBITDA of roughly 2.0 times, an undrawn revolving credit facility, and "significant" cash on balance sheet.

Enviri ( NVRI ) said Russell Hochman, its chief compliance officer, has been appointed to the additional role of president and chief operating officer, effective immediately. Following the completion of the spin-off, Hochman will assume the role of chief executive of New Enviri. Nick Grasberger, Enviri's ( NVRI ) chairman and CEO, will remain with the firm through the completion of the Clean Earth sale.

The company's shares were up nearly 34% in recent premarket activity.