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FAIRFIELD, N.J. - Covanta Holding Corp., an operator of facilities that turn waste into electricity, said Monday it will buy most of Veolia Environmental Services North America Corp.'s facilities for $450 million in cash.
Covanta, whose chairman is real estate mogul Sam Zell, will acquire seven facilities that collectively process about 3 million tons of waste per year. Covanta currently operates 38 energy-from-waste facilities that process about 17 million tons of municipal solid waste annually.
The company expects increased efficiency and operational expertise, but does not foresee forced reductions at the facilities, which employ about 500 people. The acquisition will add about $60 million of operating cash flow during 2010.
The facilities are located in California, Florida, New York, Pennsylvania and Canada. The company said it expects the deal to close at the end of the year.
Earlier this month the company purchased a 30 percent stake in an energy-from-waste facility currently operated by subsidiary Michigan Waste Energy. The company has operated the facility since 1991. Financial terms of the deal were not disclosed.
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