17th Jun 2019 13:55
(Alliance News) - Waste-to-product firm Renewi PLC has sold its Canadian operations for an enterprise value of EUR72 million, it announced Monday.
The business has been sold to Dutch investment firm Convent Capital, who will pay approximately EUR56 million upfront in cash.
After that, Renewi will help Convent source project financing for the Canadian business, and if successful, Convent will the pay Renewi a maximum of EUR12 million.
Renewi Chief Executive Otto de Bont said: "Today's announcement delivers on our commitment to simplify our business and strengthen the balance sheet, achieving a fair value for our Canadian business."
"Convent is already present in Canada and we believe Convent will be a good owner for our customers and employees in Canada."
Renewi shares were 4.4% higher on Monday at a price of 33.05 pence each.
Related Shares:
Renewi Plc