Renewi acquisition by Consortium set to complete on June 6

LONDON - Renewi plc, a waste-to-product company, is set to be acquired by Earth Bidco B.V., a company indirectly controlled by Macquarie European Infrastructure Fund 7 and BCI UK, following the satisfaction of regulatory conditions. The acquisition, which was first announced on February 13, 2025, is expected to be finalized on June 6, 2025, pending court approval.

The deal, valued at 870 pence per Renewi share, will not be increased unless a third party makes an offer for Renewi. The acquisition process involves a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

Regulatory clearances from Belgian Foreign Direct Investment, China merger control, the EU Foreign Subsidies Regulation, and EU merger control have been received, meeting the conditions outlined in the scheme document published on February 28, 2025.

Renewi and BidCo have confirmed that the court sanction hearing is scheduled for June 4, 2025, at the Court of Session in Edinburgh. The last day for dealings in Renewi shares will be June 5, 2025, with a suspension of trading on the Main Market and Euronext (EPA:ENX) Amsterdam expected to commence at 7.30 a.m. on June 6, 2025. Subject to the scheme becoming effective, the cancellation of trading and listing of Renewi shares is anticipated by 7.30 a.m. on June 9, 2025.

Shareholders can expect the cash consideration under the scheme to be dispatched by June 20, 2025. The long-stop date for the acquisition to become effective is set for December 31, 2025, although this may be extended with consent from both Renewi and BidCo.

The announcement of the acquisition is based on a press release statement and does not constitute an offer to buy securities. Renewi shareholders are advised to seek independent financial advice regarding the acquisition. The transaction is subject to the procedural and disclosure requirements applicable to UK schemes of arrangement, which differ from US proxy solicitation and tender offer rules.

The acquisition marks a significant development for Renewi, as it transitions to new ownership under the consortium of infrastructure and investment management firms.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.