By Lisa Kerner
Charlotte, N.C., Jan. 29 - Synagro Technologies, Inc. said it agreed to be acquired by The Carlyle Group in a transaction estimated to be worth $772 million including the assumption of $310 million of debt, or $5.76 per share.
The agreement includes a breakup fee of $13.9 million.
Following the transaction, expected to close in the second quarter of 2007, Synagro Technologies' commons stock will no longer be publicly traded and the company will become a wholly owned subsidiary, according to a company news release.
"I am excited about the opportunity that this merger presents for our customers, shareholders, employees and the communities we serve," Synagro president and chief executive officer Robert Boucher said in the release.
"We are confident that our partnership with Carlyle will help ensure Synagro's continued success."
Synagro, located in Houston, recycles biosolids and other organic residuals in the United States.
The Carlyle Group is a global private equity firm based in New York City.
| Acquirer: | The Carlyle Group
|
| Target: | Synagro Technologies, Inc.
|
| Payment per share: | $5.76 per share
|
| Announcement date: | Jan. 29
|
| Termination fee: | $13.9 million
|
| Expected closing: | Second quarter of 2007
|
| Stock price for target: | Nasdaq: SYGR; $4.48 on Jan. 26
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