EQT to Acquire Covanta for $20.25 a Share

By Matt Grossman

EQT AB's infrastructure arm will acquire Covanta Holding Corp. for $20.25 a share, the companies said Wednesday.

The transaction represents a value of about $5.3 billion, EQT said.

Covanta, based in Morristown, N.J., operates more than 40 waste-to-energy facilities that convert municipal trash into electricity. The company's management team is expected to remain on the job following the merger, Covanta said.

Covanta Chief Executive Michael Ranger described the deal as "an excellent outcome of our strategic review." The deal is expected to close by the end of the year.

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(END) Dow Jones Newswires

07-14-21 0840ET