Press release from the Competition Council regarding the economic concentration project concerning the creation of a joint venture by the companies ‘Kanadevia Inova AG’, ‘Nareva Holding’, and the company ‘I-Environment Investments Limited’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the below ‘operation summary’ containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• Founder No.1: ‘Kanadevia Inova AG’;
• Founder No.2: ‘Nareva Holding’;
• Founder No.3: ‘I-Environment Investments Limited’.

Nature of the operation:

• Creation of a joint venture.

Economic sectors concerned:

• Markets for the management and valorization of household waste.
• Market for the production of electricity from renewable energy sources.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., September 15, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the creation of a joint venture by the companies ‘Kanadevia Inova AG’, ‘Nareva Holding’, and ‘I-Environment Investments Limited’.

‘Kanadevia Inova AG’ (KVI) is a Swiss public limited company with its registered office at Hardturmstrasse 127 8005 Zurich, Switzerland, and registered under the number CHE – 105.894.072. It operates in the fields of energy recovery from waste and electricity production from renewable sources. ‘KVI’ is 100% owned by Kanadevia Corporation, a Japanese legal entity, with its registered office at 7-89, Nanko-kita 1-chome, Suminoe-ku, Osaka-shi, registered under the company number 1200-01-031541.

‘Nareva Holding’ is a Moroccan public limited company with its registered office on the 28th floor of Tower A of the Twin Center, on Boulevard Massira Al Khadra Casablanca, registered in the Casablanca Trade Register under number 131651. It is active in the field of renewable energies, water, and the environment.

‘I-Environment Investments Limited’ (IEI) is an English investment company with its registered office at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, registered under number 07585988. It is active in the waste and water management sector. ‘IEI’ is a 100% subsidiary of Itochu Corporation (‘Itochu’), a Japanese legal entity with its registered office at 5-1, Kita-Aoyama 2-chome, Minato-ku, Tokyo, registered under the company number 1200-01-077358.

 

Done in Rabat, on September 4, 2025