Energy Capital Partners has agreed to buy Wheelabrator Technologies from Waste Management for $1.94 billion in cash. The transaction, which requires approval from the Federal Energy Regulatory Commission, is expected to be completed later this year.
Based in Hampton, New Hampshire, WTI owns or operates 17 waste-to-energy facilities that provide waste disposal. It also runs four power plants. Last year WTI’s total revenue was about $845 million.
As a result of the transaction, Waste Management is divesting its ownership in WTI. But according to a source at ECP, WTI and Waste Management “will have long-term waste agreements in place so they will still be partners going forward.”
On ECP’s acquisition of WTI, Tyler Reeder, a partner at ECP said in a statement, “Waste Management’s strong waste supply capabilities well complement ECP’s deep experience in power generation; and we look forward to continuing to provide Wheelabrator customers and partners with the same continued excellent service they have enjoyed under Waste Management’s ownership.”
Barclays and Centerview Partners provided financial advice to Waste Management on this deal.
Photo courtesy of Shutterstock.
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