Augean to sell for £390m after auction

Ancala Partners and Fiera Infrastructure emerged from
yesterday's auction as the higher bidder.
23.09.2021 − 

British waste management company Augean is to be acquired by Eleia following an auction procedure held yesterday. Eleia, the special-purpose vehicle formed by fund managers Ancala Partners and Fiera Infrastructure, improved its offer yesterday to 372 pence per share.

The Eleia offer values Augean at approximately £390m (ca. €455m) and in the end was 3 per cent more than Morgan Stanley Infrastructure Partners (MSIP) was willing to pay with its bid of 361 pence per share. It is nearly 50 per cent more than the price at which Augean's shares were trading on 26 May, when it became public that MSIP was seeking to acquire the company and the official offer period began. Under the terms of the auction procedure, neither bidder may now revise its offer "unless a third party announces a firm intention to make an offer for Augean."

Augean's board said it considers the increase Eleia offer to be superior and intends to recommend shareholders accept the offer. The full terms of the revised Eleia scheme are to be published no later than 21 October.

The hazardous waste management specialist's activities include the management of bottom and fly ash from waste to energy facilities and biomass power plants. In 2020, Augean achieved annual revenues of £77m excluding intra-segment trading and landfill tax, and generated a net profit of £13m.

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