EQT Infrastructure has agreed to acquire Covanta Holding Corp., an owner and operator of waste-to-energy facilities in North America in a transaction valued at $5.3 billion, including the assumption of Covanta’s net debt obligations.
The purchase price represents a 37 percent premium to Covanta’s unaffected share price of $14.86 on June 8.
According to EQT, waste-to-energy offers a more sustainable alternative to landfilling waste for communities and businesses, with a significantly smaller real estate footprint per ton disposed compared to traditional landfills. The process ensures optimal use of waste by reducing waste volumes by 90 percent that would otherwise get landfilled.
Covanta has 41 waste-to-energy facilities strategically located in key metropolitan areas across the United States, Canada and Europe. Under EQT’s ownership, Covanta will continue to differentiate its service offerings, with a focus on innovation and sustainable energy.
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