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Covanta (CVA) Completes Acquisition Of Veolia’s Energy-From-Waste Business
Covanta Holding Corporation just announced that it has finished acquiring a 3,000 ton per day energy-from-waste operating contract in Miami-Dade County, FL. This is the final stage of Covanta’s acquisition of Veolia’s North American energy-from-waste business, which was announced previously.
Including the Miami-Date contract, Covanta acquired 6 EfW long-term operating contracts plus an EfW facility and transfer station in Pennsylvania. Covanta paid $450 million for the businesses and they are expected to contribute $60 million of operating cash flow this year.
In a press release, Anthony Orlando, President and CEO of Covanta, commented:
“We’re delighted to have Miami-Dade as a new client and we welcome the facility’s employees into the Covanta family. Integration of the earlier stage of this acquisition is progressing smoothly and we’re eager to partner with our Miami-Dade client to implement a work plan to enhance the performance of this large facility. This transaction is a perfect illustration of one facet of our growth strategy: making acquisitions that leverage our operating expertise and industry-leading Energy-from-Waste portfolio to create value for clients and shareholders.”
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