British waste management company Viridor has made an offer to acquire the Norwegian chemical recycling company Quantafuel ASA. Viridor, whose own activities are concentrated in energy recovery and plastics recycling, is controlled by funds advised by the investment firm Kohlberg Kravis Roberts & Co. (KKR). According to a statement issued on Tuesday, Quantafuel's board has entered a transaction agreement valued at the equivalent of €96.5m for all of its issued and outstanding shares.
Quantafuel is currently in a challenging financial situation, with a large short-term liquidity shortfall. In its fourth-quarter earnings statement, also issued today, the company said that while there was good progress with its pipeline projects, delayed cash flow from its operations had left it in need of a financing solution by the middle of the second quarter of 2023....
