UK's Renewi falls on sale of UK Municipal business

Renewi

30/05/2024 08:09

** Shares of waste management firm Renewi  RWI.L  down 5% at
601p
    ** RWI to sell its UK Municipal business to Biffa
    ** Deal to be completed through combination of nominal cash
consideration payable to Biffa with 125 mln pounds ($158.54
million) capitalisation of UK Municipal
    ** Peel Hunt analysts said "We  regard  this  (UK Municipal
exit) as  a  successful  result,  costing  no  more than 
expected,  which  simplifies  the  group  and  makes  it 
investable  to  a  wider range  of  investors"
    ** Capitalisation equates to net cost of about 57 mln euros
($61.51 million) with total cash impact of 154 mln euros,
including transaction costs to co 
    ** RWI shares fell about 1% YTD



($1 = 0.7885 pounds)

($1 = 0.9266 euros)

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com;))