Covanta Holding Corporation has entered into a definitive agreement with EQT Infrastructure whereby EQT will acquire all shares of Covanta common stock for $20.25 per share, or US $5.3 billion.
Annually, Covanta's 40 plus facilities process approximately 21 million tons of waste from municipalities and businesses and convert it into renewable electricity to power over one million homes.
Following the completion of the acquisition, EQT will work with Covanta's management team to build upon its strengths including its portfolio of assets that provide essential waste services to municipalities and commercial customers, its community relationships, as well as its numerous growth opportunities, including through a UK project pipeline of new waste-to-energy infrastructure and Covanta's Environmental Solutions platform.
Covanta will maintain its corporate headquarters in Morristown, New Jersey and its management team is expected to remain in place.
