Earth Bidco, a new company managed by a fund controlled by Macquarie Asset Management Europe S.à r., has reached a deal to buy Renewi for about 707 million pounds.
Under the terms of the acquisition, Renewi shareholders shall be entitled to receive 870 pence for each Renewi Share held. The price is a 57% premium to Renewi's closing share price of 554 pence the day prior.
Earth Bidco is a new company formed by Macquarie European Infrastructure Fund 7 SCSp and BCI UK IRR, an indirect subsidiary of British Columbia Investment Management Corporation.
"The offer represents not only a material premium for our shareholders, but also an opportunity with the support from Macquarie and BCI to further deliver on our strategy, to the benefit of all stakeholders, from employees to customers," Chairman Ben Verwaayen said.
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