Covanta Completes First Stage of Veolia Acquisition

Covanta Holding Corporation has successfully completed the first stage in the previously announced acquisition of Veolia’s North American waste-to-energy business. The transaction, which was originally agreed to in July with purchase price of US $450 million, less net debt and minority interests, will be paid in cash.

Each of the businesses acquired includes a long-term operating contract with the respective municipal client. The businesses being acquired in this stage of the acquisition consist of six waste-to-energy businesses and one transfer station business as follows:

The company also acquired a majority ownership stake in the Montgomery facility. Covanta said that it expects to complete this transaction in its entirety by year’s end with the purchase of the operating contract relating to a 3,000 TPD waste-to-energy facility in Miami-Dade, Florida.

“The strategic acquisition of Veolia’s North American [waste-to-energy] business compliments our industry leading portfolio. I am proud of our team for moving so quickly to complete this first stage of the acquisition. We’re excited to be welcoming six new clients and a group of talented employees to the Covanta family and will begin integration efforts immediately that will allow us to achieve operational efficiencies,” said Anthony Orlando, President and CEO of Covanta.

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