EQT to Buy Covanta for $5.3 Billion
14 Juillet 2021 - 2:45PM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT AB said Wednesday
that it has agreed to buy Covanta Holding Corp. in a deal worth
$5.3 billion.
New Jersey-based Covanta owns and operates 41 waste-to-energy
facilities in metropolitan areas across the U.S., Canada and
Europe, providing an alternative to landfilling waste.
The deal, which was unanimously approved by Covanta's board,
will see EQT Infrastructure pay Covanta shareholders $20.25 in cash
per share, a 36% premium to Covanta's share price of $14.86 on June
8, the day prior to initial media speculation of a transaction.
Covanta's three diversified and complementary business segments
comprise waste processing and services, energy production and
metals recycling, and the company is expected to generate adjusted
earnings before interest, tax, depreciation and amortisation of
$460 million to $480 million in 2021, EQT said.
With this transaction, EQT Infrastructure V is expected to be
50% to 55% invested, it added.
The transaction is subject to customary conditions and approvals
and is expected to close by year end.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 14, 2021 08:38 ET (12:38 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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