3rd Jan 2014 09:33
LONDON (Alliance News) - Shanks Group PLC said Friday it completed the sale of the majority of its UK Solid Waste business to Biffa on New Year's Eve.
The international waste management business announced the transaction in October last year and said that the deal completed on schedule on December 31 2013 following successful employee consultation and resolution of other routine regulatory clearances.
The deal is expected to generate net cash proceeds of GBP14 million for Shanks; as part of the transaction with Biffa, around 300 employees will transfer to Biffa under TUPE.
Shares in Shanks were trading up 0.23% at 111 pence per share Friday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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