Poland: China Everbright International Limited has purchased waste management company Novago for Euro123m including a Euro118m equity purchase and a Euro5m land bank. Everbright lauded the buy as the largest Chinese acquisition in the environmental industry in Central and Eastern Europe and part of China’s One Belt One Road initiative.
“This acquisition serves as an important platform for Everbright International’s overseas development strategy and a solid foundation with strategic significance laid for future expansion in the Central and Eastern Europe market. The business can be further expanded by integrating the group’s advanced waste-to-energy technology and Novago‘s abundant local expertise,“ said Chen Xiaoping, chief executive officer of Everbright. He added that he hoped to bring Novago’s success back to China.
Established in 1992, Novago is the largest independent waste treatment company in Poland. Its business portfolio includes production of refuse-derived fuel (RDF), municipal waste treatment, waste recycling and landfill for biogas production and biogas cogeneration. It holds over a 30% market share in the Warsaw and Olsztyn provinces.
The transaction is conditional upon the issuance of merger clearance by the Poland’s Office of Competition and Consumer Protection.
