Ashurst advises Renewi on £707 million takeover by Macquarie Asset Management and BCI

Global law firm Ashurst is advising long standing client Renewi plc on its £707 million takeover by a consortium formed by funds advised by Macquarie Asset Management and British Columbia Investment Management. Under the terms of the offer, Renewi shareholders will be entitled to receive 870 pence in cash per Renewi share.

Renewi is a pure-play recycling company that focuses on extracting value from waste and used materials rather than disposing of them through incineration or landfill, and is recognised as a leading waste-to-product company in the Benelux region and a European leader in advanced recycling. Renewi also plays an important role in combating resource scarcity by creating circular materials which it sells to its customers. Renewi’s vision is to be the leading waste-to-product company in the world’s most advanced circular economies.

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately £474 billion in assets, it provides a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. BCI is amongst the largest institutional investors in Canada, with c.$250 billion of gross assets under management. BCI manages a portfolio of diversified public and private investments managed on behalf of its British Columbia public pension fund and institutional clients.

The Acquisition is expected to be implemented by way of a scheme of arrangement and is expected to complete by the end of Q2 2025.

The Ashurst team is led by corporate partners Harry Thimont and Nick Williamson with senior associate Maria McAlister and associates Gareth Mair, Marisa Muramatsu and Shashtika Sundar. Antitrust advice is being provided by partners Neil Cuninghame and Annick Vroninks, supported by senior associate Laura Carter and associate Philippa Stacey. Incentives advice is being provided by counsel John Papadakis, pensions advice by counsel John Gordon and employment advice by counsel Liz Parkin.