Renewi, Macquarie and BCI agree on cash acquisition

On 13 February 2025, Earth Bidco B.V. ("BidCo"), a newly formed company indirectly controlled by Macquarie Asset Management and British Columbia Investment ("BCI"), and Renewi plc ("Renewi") announced that they had reached agreement on the terms of a cash acquisition to be made by BidCo for all ordinary shares in the capital of Renewi at an offer price of 870 pence per share. The acquisition values Renewi at approximately £707 million. 

The acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act. Subject to the necessary approvals, Renewi, Macquarie and BCI anticipate that the acquisition will complete during the second quarter of 2025.

Renewi, listed on the London Stock Exchange and Euronext Amsterdam, is a pure-play recycling company that focuses on extracting value from waste and used materials rather than disposing of them through incineration or landfill, and is recognised as a leading waste-to-product company in the Benelux region and a European leader in advanced recycling.

Macquarie Asset Management, a global asset manager integrated across public and private markets, manages approximately £474 billion in assets. It provides a diverse range of investment solutions including real assets, real estate, credit, equities and multi-asset. Macquarie has been investing in and developing companies in the waste sector for more than 15 years. 

BCI, one of the largest institutional investors in Canada, manages a portfolio of diversified public and private investments on behalf of its British Columbia public pension fund and institutional clients, with circa $250 billion in gross assets under management.

Houthoff is advising Renewi in this transaction together with Ashurst. The team includes Jetty Tukker, Kasper van der Sanden, Jet Stolk, Willem Liedenbaum, Jeroen van Mourik and Diede van der Voort.