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LONDON - In a significant move within the waste management industry, a consortium led by Macquarie European Infrastructure Fund 7 and British Columbia Investment Management Corporation (BCI) has agreed to acquire Renewi plc, a leader in Europe’s recycling sector. The transaction, valued at approximately £707 million, will be executed through a scheme of arrangement, with Renewi shareholders set to receive 870 pence for each share they hold.
This acquisition price marks a 57% premium over the closing price of Renewi shares on November 27, 2024, and a 41% premium on the three-month volume-weighted average price leading up to that date. The deal has been unanimously recommended by Renewi’s directors, who have cited the consortium’s ability to further drive the company’s waste-to-product strategy as a key benefit for stakeholders.
The consortium, which includes Macquarie Asset Management and BCI, brings significant experience in the waste sector and infrastructure investment, aiming to support Renewi’s growth and operational excellence. The acquisition aligns with the European Union’s Circular Economy Action (WA:ACT) Plan, positioning Renewi to play a vital role in advancing recycling and sustainability initiatives.
Renewi’s management has received irrevocable undertakings from certain shareholders, representing approximately 21.1% of the company’s ordinary share capital as of February 12, 2025, to vote in favor of the acquisition. These commitments, along with the endorsement from Renewi’s directors, suggest strong support for the transaction within the company.
The acquisition is expected to complete during the second quarter of 2025, subject to shareholder approval and other customary conditions. This strategic move reflects the increasing emphasis on sustainability and responsible waste management in Europe, highlighting the role of private capital in supporting the transition to a circular economy.
The information in this article is based on a press release statement.
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