Covanta's shareholders clear EQT's acquisition proposal

Source: Covanta Holding Corporation.

October 13 (Renewables Now) - The shareholders of Covanta Holding Corp (NYSE:CVA) have overwhelmingly voted in favour of the US waste-to-energy (WtE) company’s planned USD-5.3-billion (EUR 4.58bn) acquisition by EQT Infrastructure, it was announced on Tuesday.

About 69.7% of Covanta’s issued and outstanding shares of common stock and some 97.5% of the shares voted at the special meeting have supported the transaction. Ecofin Advisors Ltd, which, alongside affiliates, has a stake of around 1.7% in the company, on a couple of occasions expressed intent to vote against the merger proposal.

As previously announced, EQT agreed to buy Covanta for USD 20.25 per share in cash. The transaction is expected to be wrapped up by the end of the calendar year, subject to receiving certain regulatory approvals.

"Through a collaborative partnership with EQT, we will grow and innovate our operations for the benefit of all our stakeholders as well as explore new avenues that were previously not available to us,” commented Michael W Ranger, president and CEO of Covanta.

(USD 1.0 = EUR 0.865)

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