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Marrakech – The Moroccan government has officially authorized the Société Régionale Multiservices (SRM) Casablanca-Settat to acquire 100% of Veolia’s shares in the utility company Lydec S.A.
The Decree 2.24.737 for approving this acquisition was signed by Minister of Economy and Finance Nadia Fettah Alaoui, and was published in the latest edition of the Official Bulletin.
This authorization comes approximately one month after the French group Veolia announced its intention to sell its entire stake in Lydec, which it had acquired during the takeover of Suez in 2022, to SRM Casablanca-Settat.
The regional company will now take charge of the delegated management of water, electricity, and liquid sanitation services in Casablanca and its periphery, following a decision by the Council of the Casablanca-Settat Territorial Collectivities Group for Distribution during its extraordinary session on July 3.
According to the text of Decree 2.24.737, SRM Casablanca-Settat has acquired all of Lydec’s shares, including those held by Veolia Environnement through its subsidiaries Vigie Groupe S.A.S and Vigie 50 S.A.S.
This decree has enabled the transfer of Lydec’s ownership to the Moroccan state, based on Article 8 of Law 39.89, which authorizes the transfer of public establishments to the private sector, while emphasizing the importance of service continuity under the best conditions.
The SRM’s board of directors, which met on July 3, approved the acquisition of 100% of Lydec’s capital. The financial closing of the operation is expected to take place by the end of 2024, after obtaining all necessary administrative approvals.
Veolia stated that this anticipated divestment will not impact the group’s financial forecasts and objectives.
Following this transaction, Veolia will remain a major partner of Morocco, particularly in the water and electricity distribution activities through its contracts in Rabat, Tangier, and Tetouan.
Lydec, which reports a turnover of around €700 million, has been managing the water, electricity, sanitation, and public lighting services of Casablanca and its region, serving approximately 5 million inhabitants, since 1997.
The SRM Casablanca-Settat, in which the state holds a 25% stake, will now assume responsibility for managing these services throughout the region.
