LONDON (AFX) - Pennon Group PLC said it bought Wyvern Waste Services Ltd for 25 mln stg.
Pennon's subsidiary, Viridor Waste Management Ltd, acquired the landfill, power generation and recycling business from Somerset County Council.
Viridor has also entered into long-term waste management contracts with the County as a Public Private Partnership (PPP).
As a result of the acquisition, Viridor Waste's consented landfill capacity increases to about 92 mln cubic metres and its power generation to 68 megawatts.
The acquisition will be integrated into Viridor Waste's south west region and is expected to be earnings enhancing before amortisation of intangibles in its first full year.
'This acquisition fits very well with Viridor Waste's strategy of expanding its landfill, power generation and long-term integrated municipal contract businesses in key regions of the UK,' said Viridor Waste's chief executive Colin Drummond. newsdesk@afxnews.com jc COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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