The waste management groups Shanks and Van Gansewinkel have agreed upon the conditions of their merger. The current owners of the Van Gansewinkel Group (VGG) are to receive cash and shares valued at approximately €562m, both companies announced today, roughly the equivalent of €482m on a debt-free, cash-free basis.
The cash payment to VGG's owners will amount to about €286m, Shanks reported. They will also receive approximately 190 million new consideration shares, representing up to 23.8 per cent of Shanks's enlarged issued share capital following completion of the fusion.
Shanks and Van Gansewinkel expect the transaction to be closed by the end of December. However, the merger is still subject to the approval of Shanks and VGG shareholders as well as clearance by anti-trust authorities.