Covanta Holding Corp., Morristown, New Jersey, announced that its stockholders voted at a special meeting on Oct. 12. to approve the previously announced acquisition of the company by Sweden-based EQT Infrastructure (EQT). It was previously reported that the transaction was valued at $5.3 billion.
“We are pleased that Covanta stockholders have overwhelmingly voted in favor of our pending acquisition by EQT,” Michael W. Ranger, president and CEO at Covanta, says. “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.”
The deal is for $20.25 per share in cash, pursuant to the agreement and plan of merger dated July 14.
A total of 92,719,309 shares of Covanta’s common stock were voted in favor of the proposal to adopt the merger agreement, representing approximately 69.7 percent of the company’s issued and outstanding shares of common stock and approximately 97.5 percent of the shares voted at the special meeting. The final voting results will be filed with the Securities and Exchange Commission.
The acquisition is expected to be completed during the fourth quarter and is subject to satisfaction of the remaining closing conditions, including the receipt of certain regulatory approvals.