RTTNews | Jul 14, 2021 08:27AM EDT

08:26 Wednesday, July 14, 2021 (RTTNews.com) - Waste-to-energy provider Covanta Holding Corp. (CVA) announced Wednesday that it has entered into a definitive agreement with EQT Infrastructure, whereby EQT will acquire all shares of Covanta common stock for $20.25 per share.

The purchase price represents an approximately 37% premium to Covanta's unaffected share price of $14.78 on June 8, the day prior to initial media speculation of a transaction.

The acquisition, subject to Covanta shareholder approval and customary government approvals, is expected to close in the fourth quarter of this year. The agreement resulted from a competitive sale process and is not subject to a financing condition.

Covanta is the world's leading waste-to-energy provider, operating facilities in North America, Europe and the UK. 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, Covanta will maintain its corporate headquarters in Morristown, New Jersey and its management team is expected to remain in place.

Read the original article on RTTNews ( https://www.rttnews.com/3209019/eqt-infrastructure-to-acquire-covanta-holding-for-20-25-share-quick-facts.aspx)

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