Renewi shares delisted after acquisition by consortium

Renewi plc (LON:LSEG, EPA:ENX) shares have been delisted from the London Stock Exchange and Euronext Amsterdam following the completion of its acquisition by Earth Bidco B.V., a consortium including Macquarie European Infrastructure Fund 7 SCSp and BCI UK IRR Limited. The delisting, effective today, follows a court-sanctioned scheme of arrangement under the UK Companies Act 2006, detailed in a scheme document published on February 28, 2025. Renewi will now operate as a privately held entity, with investors closely watching the consortium's impact on the company's strategy and operations in the waste management sector.

Analysis

Renewi plc's shares have been delisted from both the London Stock Exchange and Euronext Amsterdam effective today, marking its transition to a privately held entity following the completion of its acquisition by Earth Bidco B.V. This acquisition was executed through a court-sanctioned scheme of arrangement under the UK Companies Act 2006, which became effective last Monday, based on terms detailed in a scheme document published on February 28, 2025. The acquiring consortium, Earth Bidco B.V., comprises Macquarie European Infrastructure Fund 7 SCSp, managed by Macquarie Asset Management Europe S.à r.l., and BCI UK IRR Limited, an indirect subsidiary of British Columbia Investment Management Corporation. Public trading of Renewi shares ceased at 7:30 a.m. London time today. While the financial details of this transaction have not been disclosed in the announcement, the deal involved prominent financial advisors: Goldman Sachs International and Greenhill & Co. International LLP advised Renewi, while Citigroup Global Markets Limited and Macquarie Capital advised the consortium. This change in ownership structure signifies a new operational chapter for Renewi, with stakeholders now focused on how the new private ownership will shape the company's strategy and operations within the waste management sector.

Key Decisions for Investors

• Former Renewi plc shareholders should acknowledge the cessation of public trading and confirm the settlement of their shares as per the terms outlined in the court-sanctioned scheme of arrangement detailed on February 28, 2025.
• Investors active in the waste management sector or observing private equity trends should monitor Renewi's strategic direction under the new ownership of Macquarie and BCI, as this may provide insights into valuation perspectives and operational priorities within the industry.