Linklaters and Latham & Watkins are both advising on the £1.3 billion acquisition of FTSE 250 waste management company Biffa by a group controlled by U.S. private equity firm Energy Capital Partners (ECP).
Founded in 1912, Biffa operates across the full breadth of the waste management process. According to people involved in the deal, Biffa shareholders will receive 410p per share from the buyer, ECP-controlled Bears Bidco, bringing the total deal value to around £1.3 billion.
Linklaters is advising Biffa, putting forward a team led by corporate partners Jonathan Sadler and Michael Fanner and employment partner Cara Hegarty, according to a spokesperson from the firm. The firm previously advised Biffa on its IPO on the London Stock Exchange in 2016, with a team that included Fanner.
Latham is advising ECP and the Bears Bidco group, fielding a team led by global vice chair of the firm’s corporate department David Walker, fellow London partner Douglas Abernethy and finance partners Jeff Greenberg, Charles Armstrong, and Steve Curtis, according to a statement from the firm.
Founded in 2005, ECP has become a leading investor across energy transition, environmental infrastructure, and sustainability-focused businesses, including waste management.
Last year, Latham and Linklaters sat across the deal table as Fintech app Wise decided to float via a direct listing rather than an initial public offering.