Delta in Acquisition of Indaver Group
February 15, 2007
Cleary Gottlieb is representing Dutch multi-utility company Delta N.V. in its successful bid for the Indaver Group. Following the announcement in mid-December that Delta N.V. was the preferred candidate among more than 20 bidders, Delta N.V. and the 17 selling shareholders of Indaver entered into exclusive negotiations regarding the purchase of 60% of Indaver’s shareholding. Delta has valued Indaver at an enterprise value of €545 million.
On February 15, Delta N.V. signed a share purchase agreement with the majority shareholder of Indaver, Vlaamse Milieuholding, a holding company of the Flemish Region. The other selling shareholders are multinational companies, mainly operating in the chemical industry, including Afga Gevaert, Ajinomoto, Dexia Bank, DuPont de Nemours, ExxonMobil, Total, 3M and Dow. The agreement was signed in the presence of the Flemish Minister of Environment, Mr. Kris Peeters.
The closing is expected to take place on March 16 and will be followed by a mandatory take-over bid, as required under Belgian take-over legislation.
Delta is one of the largest public utility companies in the Netherlands. The company’s main activities are in energy production, waste management and water services.
Indaver is a Belgian integrated waste management company offering a wide range of domestic and industrial waste services. The Indaver Group operates in eight European countries.