EQT Infrastructure enters deal to acquire Covanta Holding Corporation

Covanta Holding Corporation has entered into a definitive agreement with EQT Infrastructure (EQT), whereby EQT will acquire all shares of Covanta common stock for US$20.25 per share. The purchase price represents an approximately 37% premium to Covanta's unaffected share price of US$14.78 on June 8th, the day prior to the initial media speculation of a transaction. 

Covanta is the world's leading waste-to-energy provider that has operating facilities in North America, Europe, and the UK. Annually, Covanta's 40 plus facilities process approximately 21 million tons of waste from municipalities and businesses and convert it into renewable electricity to power over one million homes.

The acquisition is subject to Covanta shareholder approval, as well as customary government approvals, and is expected to close in the fourth quarter of this year. The agreement resulted from a competitive sale process and is not subject to a financing condition.

BofA Securities acted as financial advisor to Covanta and Debevoise & Plimpton LLP provided legal counsel.