The deal was originally announced in May 2024 and included five long-term residual waste treatment contacts serving local government customers in England and Scotland.
Renewi said that the deal will provide an increase in annual cashflow of between €15 million to €20 million and re-risk its balance sheet.
Additionally, the waste management company said the sale will allow it to “fully focus on its core recycling business” in the Netherlands, Belgium, France and Portugal.
Otto de Bont, CEO of Renewi, said: “We are pleased to confirm the successful completion of the divestment of UK Municipal to Biffa, bringing a positive outcome for all stakeholders.
“This transaction is a transformational milestone in our strategy, allowing us to further focus on our core and profitable recycling business in Europe, as we continue to generate more value for our shareholders and increase our contribution to the circular economy.”
Biffa’s CEO Michael Topham added: “We are pleased to have completed our acquisition of UK Municipal and welcome our new colleagues and customers to Biffa. We are committed to integrating the business smoothly and continuing to provide a high-quality service to our new customers while helping them to deliver their recycling and de-carbonisation ambitions.”
The five contracts that have been transferred over are with the Barnsley, Doncaster and Rotherham (BDR) Waste Partnership, Cumbria county council, Wakefield council, East London Waste Authority and Argyle & Bute council.
Around 550 Renewi staff have now become part of the Biffa group.
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