Van Gansewinkel Groep and Shanks Group merge to form Renewi

Overview:

• UK-based waste-to-product company Shanks Group has completed a €482 million merger with Benelux recycling company Van Gansewinkel Groep (VGG) to form Renewi.
• The deal was structured on a debt-free, cash-free basis, satisfied through a payment of approximately €286 million in cash and the issue of up to 190 million new consideration shares, representing up to approximately 23.8% of the enlarged issued share capital of Shanks.
• The cash element was financed though new debt facilities and an equity issue of approximately £141 million (a firm placing and a rights issue).
• Upon completion, Renewi's ordinary shares were also readmitted to the premium listing segment of the Official List and to trading on the LSE's main market for listed securities.
• The combined entity has more than 8,000 employees across nine countries in Europe and North America.
• ING Bank, Greenhill and Investec provided financial advice to Shanks, with Lazard and KPMG acting for VGG.

Jon Moore - Journalist