Debevoise Advises Covanta In Its Sale to EQT in a Transaction Valued at More Than $5 Billion

19 July 2021

Debevoise & Plimpton LLP is advising Covanta Holding Corporation (NYSE: CVA) in its sale to EQT Infrastructure in a transaction valued at more than $5 billion, in which EQT will acquire all shares of Covanta common stock for $20.25 per share. The purchase price represents an approximately 37% premium to Covanta's unaffected share price of $14.78 on June 8th, the day prior to initial media speculation of a transaction. The acquisition is subject to Covanta shareholder approval, as well as customary government approvals, and is expected to close in the fourth quarter of this year. For more information, please see the company’s press release.

Covanta is a world leader in providing sustainable waste and energy solutions. EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds.

The Debevoise team is led by M&A partners Jonathan Levitsky and William Regner and includes partner Ezra Borut, counsel Molly Stockley and associates Marisa Demko, John Love, Daniel Randazzo and Michael Stephan, finance partner Sunil Savkar and associate Lee Henderson, benefits partner Meir Katz and associates Matthew Trudeau and Spencer Mizerak, tax partner Peter Furci, capital markets partner Steven Slutzky and associates Javaad Ali and John Jacob, antitrust partners Ted Hassi and Timothy McIver and associate Kayleigh Anderson, litigation associate Adam Saunders and environmental counsel Stuart Hammer.