Energy Capital Partners (ECP) has plans to take over ownership of Biffa, an integrated waste management company in the United Kingdom, in a deal valued at around £1.3 billion ($1.41 billion).
The £410 pence ($4.10) per share deal comes nearly three months after Biffa first announced that it was approached by ECP, according to Reuters.
With a history of leading the U.K.’s waste management industry for over 100 years, Biffa is an established enabler of the U.K. circular economy, according to the company’s website. Biffa has already made huge strides in its sustainability journey by investing in plastic recycling and energy from waste infrastructure, surplus redistribution and low carbon collections, leading to a 70 percent reduction in carbon emissions since 2002.
In a recent annual sustainability report, Biffa said it increased plastic recycling capacity by a further 25 percent to 151,000 tonnes; built rail hubs in Manchester, Leeds and London sinc