MORRISTOWN, N.J., Oct. 12, 2021 /PRNewswire/ -- Covanta Holding
Corporation ("Covanta") (NYSE: CVA), a world leader in sustainable
waste and energy solutions, announced that at a special meeting of
its stockholders held today, its stockholders voted to approve the
previously announced acquisition of Covanta by EQT Infrastructure
("EQT") for $20.25 per share in cash,
pursuant to the Agreement and Plan of Merger dated July 14, 2021 (the "Merger Agreement").
A total of 92,719,309 shares of the Company's common stock were
voted in favor of the proposal to adopt the Merger Agreement,
representing approximately 69.7% of the Company's issued and
outstanding shares of common stock and approximately 97.5% of the
shares voted at the special meeting. The final voting results will
be filed with the Securities and Exchange Commission in a Current
Report on Form 8-K.
"We are pleased that Covanta stockholders have overwhelmingly
voted in favor of our pending acquisition by EQT," said
Michael W. Ranger, president and
chief executive officer at Covanta. "For more than 30 years,
Covanta has delivered excellence in sustainable waste management,
incorporating a diverse asset base with a talented workforce that
has set us apart as a leader in the industry. However, there is
much more we can achieve. Through a collaborative partnership with
EQT, we will grow and innovate our operations for the benefit of
all our stakeholders as well as explore new avenues that were
previously not available to us. The next phase of Covanta is bright
with a like-minded partner in EQT as we both seek to build a safer,
cleaner and sustainable future for all."
The acquisition is expected to be completed during the fourth
quarter of calendar year 2021, subject to satisfaction of the
remaining closing conditions, including the receipt of certain
regulatory approvals.
About Covanta
Covanta is a world leader in providing sustainable waste and
energy solutions. Annually, Covanta's modern Waste-to-Energy
("WtE") facilities safely convert approximately 21 million tons of
waste from municipalities and businesses into clean, renewable
electricity to power one million homes and recycle 600,000 tons of
metal. Through a vast network of treatment and recycling
facilities, Covanta also provides comprehensive industrial material
management services to companies seeking solutions to some of
today's most complex environmental challenges. For more
information, visit www.covanta.com.
About EQT
EQT is a purpose-driven global investment organization with more
than EUR 71 billion in assets under
management across 27 active funds. EQT funds have portfolio
companies in Europe, Asia-Pacific and the Americas with total sales
of approximately EUR 29 billion and
more than 175,000 employees. EQT works with portfolio companies to
achieve sustainable growth, operational excellence and market
leadership.
More info: www.eqtgroup.com
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FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933 (the "Securities Act"), Section 21E of the
Securities Exchange Act of 1934 (the "Exchange Act"), the Private
Securities Litigation Reform Act of 1995 (the "PSLRA") or in
releases made by the Securities and Exchange Commission ("SEC"),
all as may be amended from time to time. Forward-looking statements
are those that address activities, events or developments that we
or our management intend, expect, project, believe or anticipate
will or may occur in the future. They are based on management's
assumptions and assessments in light of past experience and trends,
current economic and industry conditions, expected future
developments and other relevant factors. They are not guarantees of
future performance or actual results. Developments and business
decisions may differ from those envisaged by our forward-looking
statements. Forward-looking statements, including, without
limitation, statements with respect to the consummation of the
proposed merger, involve known and unknown risks, uncertainties and
other important factors that could cause the actual results,
performance or achievements of the Company, its subsidiaries and
joint ventures or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements, in particular, the proposed merger
depends on the satisfaction of the closing conditions to the
proposed merger, and there can be no assurance as to whether or
when the proposed merger will be consummated. For additional
information see the Cautionary Note Regarding Forward-Looking
Statements in the Company's 2020 Annual Report on Form 10-K as well
as Risk Factors in the Company's most recent Quarterly Report on
Form 10-Q for the period ended June 30,
2021.
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SOURCE Covanta Holding Corporation