Covanta Amends Acquisition of Maine Biomass Facilities
Covanta Holding Corp., Fairfield, N.J., has amended its agreement to acquire two biomass facilities from co-owners Ridgewood Maine and Indeck Energy Services. Covanta will pay $52 million, subject to working capital adjustments, instead of $82 million net of cash acquired.
The new transaction will be funded by cash on hand. The original agreement failed to get approval from Ridgewood’s shareholders.
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