Butec completes acquisition of Veolia's Moroccan operations

Lebanese industrial and construction giant Butec has announced the complete acquisition of the Moroccan businesses of Société des Eaux de Marseille (SEM), a subsidiary of Veolia Group. This move, reported by Yahoo Finance on Thursday, involves the repurchase of shares in Eaux de Marseille - Maroc (EMM).

This acquisition aligns with Butec's ambitious growth strategy in Africa and the Middle East. It follows their recent acquisition of ENGIE Group's «Energy Services» businesses in Africa.

«Through this operation, we aim to strengthen and upgrade our expertise in managing essential services, particularly those related to optimizing water resources and reducing water stress», explains Ziad Younès, CEO of Butec Group.

Founded in 1964, Butec is a Beirut and Dubai-based group operating in construction and services. With over 7,000 employees across ten countries, the company is a major player in the region's infrastructure development.