Global private equity giant The Carlyle Group has agreed to buy Synagro Technologies, a US-based biosolids and organic residuals recycler, for about $772 million (€596 million).
The transaction value includes the assumption of $462 million in debt.
The deal is expected to close in the second quarter of this year.
Shareholders will receive $5.76 in cash per share, the firm said in a statement. That value is 28.6 percent more than the company’s closing price on Friday, January 26.
Synagro operates 37 states and the District of Columbia.
The deal is a first for Carlyle’s new infrastructure team, Barry Gold, a managing director at the firm and the co-head of the infrastructure team, said in the statement. Gold is a former Citigroup structured finance specialist.