(Reuters) – Heritage-Crystal Clean said on Wednesday it has agreed to be acquired by private equity firm J.F. Lehman & Co for about $1.2 billion in cash, sending the waste management services company’s shares up 7.3% in extended trading.
Heritage-Crystal, that provides parts cleaning and hazardous and non-hazardous waste services, said J.F. Lehman would pay $45.50 per share, an 8.5% premium to the stock’s close on Wednesday.
Heritage-Crystal recommended that its shareholders vote in favor of the transaction, which has a fully committed debt financing from Jefferies Finance LLC and Sumitomo Mitsui Banking Corp.
(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)
