An investment fund managed by Macquarie Group's (ASX:MQG) European asset management arm is acquiring London-listed waste management company Renewi for 707 million pounds sterling via a scheme of arrangement, according to a joint statement on Thursday.
Under the terms of the proposed deal, Renewi shareholders will receive 8.70 pounds sterling for every share held. This is a 57% premium to Renewi's closing price on Nov. 27, 2024.
Renewi directors plan to back the scheme unanimously, per the statement.
The offer is being made via Earth Bidco, a new company indirectly controlled by Macquarie European Infrastructure Fund 7 SCSp and BCI UK IRR Limited, a subsidiary of British Columbia Investment Management Corporation.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.