According to people with knowledge of the matter, Veolia is close to a deal to sell its UK waste business to Australia's Macquarie Group.
The people are asking not to be identified because the information is private.
The last step in Veolia's acquisition of a large part of its smaller French rival is the planned disposal. More stringent rules to fight pollution are driving demand for water and waste-treatment and recycling services.
The investor group led by Meridiam SAS and Global Infrastructure Partners has the right to make an offer for the UK assets if they want to, according to people familiar with the matter.
A representative for Veolia could not be reached outside normal business hours.
The UK competition watchdog said in May that Veolia's acquisition of Suez's business in the country may hurt competition and drive up prices at a time when consumers are already being squeezed. Veolia stated in June that it would sell the assets.
Veolia said that the disposal would allow them to finance new developments in the energy sector.
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