Covanta shareholders approve acquisition by EQT Infrastructure

By Erin Voegele | October 18, 2021

Covanta Holding Corp. on Oct. 12 announced that its stockholders have voted to approve the company’s previously announced acquisition by EQT Infrastructure for $20.25 per share in cash, pursuant to the July 14, 2021, merger agreement. The estimated $5.3 billion transaction is expected to close in the fourth quarter, subject to satisfaction of remaining closing conditions, including the receipt of certain regulatory approvals.

Covanta, headquartered in Morristown, New Jersey, has 41 waste-to-energy facilities located in key metropolitan areas of the U.S., Canada, and Europe. The company and its nearly 4,000 full time team members convert approximately 21 million tons of waste into approximately 10 terawatt hours (TWh) of baseload electricity annually, enough to power more than 1 million homes.

The acquisition is related to Covanta’s strategic review, which was announced earlier this year.

“We are pleased that Covanta stockholders have overwhelmingly voted in favor of our pending acquisition by EQT,” said Michael W. Ranger, president and CEO at Covanta. “For more than 30 years, Covanta has delivered excellence in sustainable waste management, incorporating a diverse asset base with a talented workforce that has set us apart as a leader in the industry. However, there is much more we can achieve. 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. The next phase of Covanta is bright with a like-minded partner in EQT as we both seek to build a safer, cleaner and sustainable future for all.”