Renewi acquisition by Consortium set to complete on June 6

Renewi plc is set to be acquired by Earth Bidco B.V., backed by Macquarie European Infrastructure Fund 7 and BCI UK, for 870 pence per share, with finalization expected on June 6, 2025, pending court approval on June 4th. All regulatory conditions have been met, and trading of Renewi shares will be suspended on June 6th, with cancellation of listing anticipated by June 9th. Shareholders can expect cash consideration by June 20, 2025.

Analysis

The acquisition of Renewi plc (RWI) by Earth Bidco B.V., a company indirectly controlled by Macquarie European Infrastructure Fund 7 and BCI UK, is advancing towards completion following the satisfaction of all key regulatory conditions, including approvals from Belgian Foreign Direct Investment, China merger control, the EU Foreign Subsidies Regulation, and EU merger control. The offer price is fixed at 870 pence per Renewi share and will not be increased by Earth Bidco unless a competing third-party offer emerges. The transaction, structured as a court-sanctioned scheme of arrangement, is scheduled for a court sanction hearing on June 4, 2025, with finalization anticipated on June 6, 2025. Consequently, the last day for dealings in Renewi shares will be June 5, 2025, with trading on both the Main Market and Euronext Amsterdam expected to be suspended from 7.30 a.m. on June 6, 2025, and cancellation of listing by 7.30 a.m. on June 9, 2025. Shareholders are expected to receive the cash consideration for their shares by June 20, 2025, marking a significant transition for Renewi to new ownership.

Key Decisions for Investors

• Renewi shareholders should anticipate the delisting of their shares and the receipt of 870 pence per share in cash by June 20, 2025, given the high probability of the acquisition's completion with all regulatory conditions met.
• Investors holding Renewi shares (RWI) have a final opportunity for market dealings until June 5, 2025, before trading suspension on June 6th; holding shares beyond this point will convert to the agreed cash consideration.
• For investors not currently holding RWI, any new positions would effectively be a short-term play on the fixed 870 pence offer price, with minimal upside and a very limited trading window before the shares are delisted.