Ashurst advises Barclays on £1.3 billion recommended cash offer for Biffa plc.
Global law firm Ashurst has advised Barclays Bank plc (Barclays) on the approximately £1.3 billion recommended cash offer for Biffa plc by Bears Bidco Limited (Bidco), a newly incorporated company controlled by funds managed by affiliates of ECP V, LLC.
Under the terms of the acquisition, Biffa shareholders will be entitled to receive 410 pence in cash per share.
The Ashurst team was led by corporate partner Tom Mercer and finance partner Tim Rennie. They were supported by counsel Darren Phelan and associates Colin Bugler, Ria Shah and Millie Gibbs.
Biffa is a UK leader in sustainable waste management, operating across the breadth of the waste management process, including surplus redistribution, recycling, treatment, energy generation, collection and disposal, with a customer base including local governments, large corporates, SMEs, purchasers of end-product commodities and energy.
Founded in 2005, ECP is a global investment firm, and has been investing in energy transition, environmental infrastructure, and sustainability-focused businesses for almost two decades. ECP’s portfolio comprises more than 20 operating equity portfolio companies that serve customers around the world.
