PE firm J.F. Lehman to buy waste disposal company Heritage-Crystal for $1.2 bln (updated)

Heritage-Crystal Clean

19/07/2023 22:12

(Adds deal details in paragraphs 2-3)
       July 19 (Reuters) - Heritage-Crystal Clean  HCCI.O  said
on Wednesday it has agreed to be acquired by private equity firm
J.F. Lehman & Co for about $1.2 billion in cash, sending the
waste management services company's shares up 7.3% in extended
trading.
    Heritage-Crystal, that provides parts cleaning and hazardous
and non-hazardous waste services, said J.F. Lehman would pay
$45.50 per share, an 8.5% premium to the stock's close on
Wednesday.
    Heritage-Crystal recommended that its shareholders vote in
favor of the transaction, which has a fully committed debt
financing from Jefferies Finance LLC and Sumitomo Mitsui Banking
Corp.

 (Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh
Kuber and Shounak Dasgupta)
 ((Savyata.Mishra@thomsonreuters.com))