US investment firm Energy Capital Partners (ECP) has completed its planned takeover of Biffa, the UK's second largest waste management company. Under the terms of the transaction, Biffa shareholders are entitled to receive £4.10 (ca. €4.66) in cash per ordinary share, or around £1.3bn in total. ECP said late last week that the enterprise value of the transaction stood at £2.1bn (€2.39bn).
Biffa first announced in June that it had been approached by ECP with an indicative offer of £4.45 per share. After examining Biffa's books, and careful review of unresolved landfill tax claims against the waste management company, ECP made a binding offer at the lower price of £4.10 per share. With the completion of the transaction, Biffa's shares have ceased trading and will no longer be listed on the London Stock Exchange....
