Benzinga | Sep 21, 2021 04:34PM EDT

Vertex Energy Receives Request For Additional Information From The U.S. Federal Trade Commission Regarding Its Pending Asset Divestiture To Safety-Kleen Systems, Inc.

Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex Energy", "Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced that it has received a request (the "Second Request") for additional information and documentary materials from the U.S. Federal Trade Commission ("FTC") with respect to the previously announced divestiture of certain assets to Safety-Kleen Systems, Inc. ("Safety-Kleen"), a subsidiary of Clean Harbors, Inc. (NYSE:CLH).

As announced on June 29, 2021, Vertex entered into a definitive agreement (the "Agreement") to sell its portfolio of used motor oil collection and recycling assets to Safety-Kleen for a total cash consideration of $140 million, subject to working capital and other adjustments.

As a result of the Second Request, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), during which the FTC is permitted to review the proposed transaction, will be extended for 30 days following the date that Vertex and Safety-Kleen have substantially complied with the request, unless that period is extended voluntarily by both parties or terminated sooner by the FTC.

Vertex has been cooperating fully with the FTC as it conducts its review of the proposed divestiture and will continue to do so in connection with the Second Request.

In addition to the expiration of the waiting period under the HSR Act, the disposition remains subject to shareholder as well as other customary closing conditions.