This morning, EQT Infrastructure (EQT), part of purpose-driven global investment organization EQT Group, announced that it has agreed to acquire New Jersey-based Covanta Holding Corporation (CVA) for $5.3B. Covanta is the largest owner and operator of waste-to-energy (WTE) facilities in North America, with approximately 75% market share.
Covanta’s Board of Directors unanimously approved the agreement, and that shareholders will receive $20.25 in cash per share of Covanta’s common stock. The purchase price is said to represent a 37% premium to Covanta’s unaffected share price on June 8th, the day prior to initial media speculation of a transaction.
