UK - Terra Firma's waste unit set to be acquired by Spain's FCC

Fomento de Construcciones y Contratas, S.A (FCC), a Spanish construction and service group, is set to acquire the waste disposal arm of Waste Recycling Group Holdings (WRG) from Terra Firma. The deal values the waste disposal side of the business at £1.4bn. The transaction is expected to close in the fourth quarter of this year, subject to clearance from the competition authorities. Terra Firma will retain the waste-to-energy part of WRG and is expected to exit via an IPO or trade sale later this year.