John Laing divests waste-to-energy plant in Manchester
John Laing Group has announced that the agreed sale of its 37.43% shareholding in Manchester Waste TPS Co for GBP54.5 million (US$70.1 million) completed in late December 2018. Manchester Waste TPS Co is a combined heat and power, energy from waste plant located in Runcorn, Cheshire.
The facility was constructed under a 25-year Private Finance Initiative (PFI) contract signed in April 2009, and commenced full operations in April 2015. The contract was terminated by the Greater Manchester Waste Disposal Authority (GMWDA) in October 2017.
Pursuant to a sale process initiated by John Laing, one of its co-shareholders in the Manchester Waste TPS Co project, Viridor Waste Management Limited, is exercising its pre-emption rights over John Laing's shareholding.
Announced in November 2018, the transaction was expected to complete in Q1 2019. However customary EU anti-trust clearance took less time than anticipated.
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