July 6, 2009 (FinancialWire) — Covanta Holding Corp. (NYSE: CVA) said it has signed a definitive agreement to acquire most of the North American energy-from-waste business from Veolia Environmental Services North America for around $450 million in cash.

The transaction is expected to be accretive to Covanta, according to the company. The purchase price is less net debt and minority interests.

The energy-from-waste operations include seven facilities, each of which includes a long-term operating contract with the respective municipal client.

Collectively, the seven facilities process around three million tons of waste per year. The acquired businesses compliment Covanta’s existing portfolio, which includes operation of 38 EfW facilities that process around 17 million tons of municipal solid waste annually.

Covanta said it expects the entire transaction will close by year end.

Fairfield, New Jersey-based Covanta Holding is an owner and operator of large-scale energy-from-waste and renewable energy projects.

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