MoatScopeEnviri II Corp (New Enviri)NVRI
Spin-off from Enviri Corporation (now Enviri LLC) · Jun 1, 2026 · NYSE
one share of New Enviri common stock for every three shares of CE Holdings common stock held immediately after the holding-company merger
Documents
Both companies today
No ticker yet; the numbers follow the listing.
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
New Enviri holds the Harsco Environmental (steel-mill services) and Harsco Rail segments and trades under the inherited NVRI symbol. The distribution was the first step of a two-part transaction in which the remaining company, renamed CE Holdings and holding the Clean Earth business, was acquired by Veolia under a merger agreement dated November 20, 2025; $1.1 billion of debt was repaid out of the deal.
Stated rationaleEnviri's board separated the Harsco businesses so that Clean Earth could be sold to Veolia for cash while shareholders kept the environmental and rail operations as a listed company.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
PartialLeverage
AbsentThe write-up
Enviri's separation, completed June 1, 2026, ran in reverse of the usual pattern. The parent distributed New Enviri — the Harsco Environmental steel-mill-services business and the Harsco Rail equipment business — to shareholders, one new share for every three, and then sold the remaining company, holding the Clean Earth business, to Veolia under a merger agreement dated November 20, 2025. The proceeds repaid $1.1 billion of the old company's debt. New Enviri kept the NVRI ticker and trades at $22.87, a $1.85 billion market value, with pro forma total debt of $379 million at the end of 2025. MoatScope's current rating of no moat and a quality score of 15 describes the old combined Enviri and will be re-run on the new company.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.