Consortium offers £1.2bn to acquire waste company

14 February 2008
 
UK waste management company Biffa has agreed to a takeover offer valued at £1.2bn from a private equity consortium.

The offer of £3.50 per share was made by WasteAcquisitionco, which was formed by Montagu Funds, Global Infrastructure Partners and UCIL for the acquisition. Biffa’s board has recommended the deal to its shareholders, although the company said it was expecting another offer for the company from a rival group.

The company said it had continued to make good progress in the last four months, although the balance of profits compared with last year was anticipated to be more weighted towards resource recovery and landfill and power generation, rather than collection.

Jason Gatenby of Montagu said: ‘We are delighted the Biffa board has agreed to recommend our proposed acquisition. We look forward to building on Biffa’s leading position across all areas of the waste management value chain.’

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