Equitas Capital finalizes the sale of 100% of Hidronor Chile and its subsidiary Greendot

Carey | Equitas Capital regarding the sale of 100% of its stake in Hidronor Chile, a leading company in the management of hazardous and non-hazardous industrial waste, with a portfolio of more than 2,500 clients, primarily in the mining, energy, and chemical sectors. The transaction includes its stake in Greendot, a subsidiary active in the rapidly growing industrial waste recovery sector.

Hidronor processes between 350 and 400,000 tons of waste annually through three strategically located plants throughout Chile, enabling it to offer nationwide coverage. The sale of Hidronor is a landmark transaction in the Chilean industrial waste management sector, marking the exit of its controlling shareholders after 15 years and the strategic expansion of Séché Environnement, a global industry leader, into the Chilean market.

The transaction was notable for its complexity. For over a year, it was necessary to design and redesign multiple execution structures to adapt to the evolving process and harmonize the interests of the target company’s shareholders and the controlling fund’s investors. Successfully managing these dynamics, while preserving the certainty of closing and the company’s competitive position, required a highly sophisticated legal and negotiation strategy.

Since Séché Environnement operates in the same industry as Hidronor, it was necessary to implement a robust clean team framework and strict information exchange protocols to enable due diligence that did not compromise compliance with antitrust regulations. The acquisition was structured as a purchase of 100% of Hidronor’s shares. In the final stages, negotiations accelerated significantly, requiring exceptional coordination, responsiveness, and alignment among the legal, financial, and management teams involved. Our role also included the active management of the interim period between signing and closing and the fulfillment of complex preconditions to ensure a successful and expeditious closing.

As a publicly listed French company, Séché Environnement is subject to strict disclosure obligations and French securities market regulations. Integrating these requirements into the transaction’s timeline and execution strategy added another layer of regulatory sophistication, underscoring the cross-border complexity of the business.

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