EQT Infrastructure, and waste management company Covanta Holding Corporation have made an agreement under which EQT will acquire all shares of the New Jersey-based firm for $5.3 billion, the two companies announced on Wednesday.
The deal is expected to be finalized during the year’s final quarter after it gets a nod from Covanta shareholders and the market regulators, the announcement read. “Our comprehensive analysis during the past nine months has been singularly focused on enhancing value for our shareholders. EQT certainly recognizes the value we see in our business, and this transaction represents an excellent outcome of our strategic review,” Michael Ranger, CEO of Covanta, stated.
Covanta’s shares surged more than 7% in the premarket after the news.