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Covanta pays 450M for energy-from-waste facilities

Through the deal, the company will acquire facilities in California, Florida, New York and Pennsylvania, and also in Canada.Renewable energy company Covanta Holding Corp. (NYSE: CVA), in Fairfield, said it signed a $450 million definitive agreement to acquire, in cash, most of the North American energy-from-waste business of Veolia Environmental Services North America Corp., in Lombard, Ill.

Through the deal, Covanta will acquire a total of seven energy-from-waste facilities in California, Florida, New York and Pennsylvania, as well as in Canada. The company also will get a majority stake in a Montgomery, Pa. facility. Covanta expects the deal to close by year’s end, pending approvals.

Covanta already operates 38 energy-from-waste facilities around the world. Its existing operations process 17 million tons of municipal waste annually into some 8 million megawatt hours of electricity. The seven facilities being purchased process 3 million tons of waste annually. The company said it does not anticipate layoffs at the operating facilities as a result of the consolidation.

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