Morgan Stanley plans Q4 Nicollin majority acquisition

• Morgan Stanley agreed to acquire a majority stake in French environmental services company Nicollin Environnement.
• Financial terms were not disclosed, while Morgan Stanley shares last closed up 1.86% at $222.13.
• MSIP said it plans to support fleet renewal, decarbonisation, infrastructure investment and service expansion.

Morgan Stanley (NYSE:MS), through funds managed by Morgan Stanley Infrastructure Partners, agreed to acquire a majority stake in Nicollin Environnement, which manages 360 public contracts and serves 8,000 private clients across France.

The agreement follows more than 80 years of Nicollin family ownership, with the family retaining a minority stake and continuing to support the company’s management and development.

“Nicollin is a strong fit with MSIP’s European infrastructure strategy, combining essential municipal solutions, resilient contractual revenues and clear opportunities to support the circular economy,” said Morgan Stanley Infrastructure Partners Co-Head of Europe Alberto Donzelli.

MSIP said it will work with the Nicollin family and management to improve operations, renew and decarbonise its 2,900-vehicle fleet, and strengthen services for municipalities and corporate clients, although the purchase price was not disclosed.

The transaction is expected to close in the fourth quarter of 2026 after employee consultation and regulatory approvals.

Founded in 1945, Nicollin employs approximately 4,800 people and operates waste collection, sorting, street-cleaning and water-related services through local centres, depots, transfer stations and sorting facilities across France.

MSIP’s broader investment strategy covers transportation, digital infrastructure, energy transition, water and waste, with previous transactions including its 2023 acquisition of Spanish environmental services company Valoriza and its July 2026 investment in Canada’s Greenlight Electricity Centre.