Dive Brief:

• Waste Management announced that its sale of Wheelabrator Technologies to Energy Capital Partner, a private equity firm headquartered in Short Hills, NJ, has been finalized.
• The sale was was initially announced in July. The segment was sold for $1.94 billion.
• Wheelabrator will operate as a stand-alone company, and will retain Waste Management as a customer, citing long-term supply agreements.

Dive Insight:

Wheelabrator processes around 7.4 million tons of waste every year, and is capable of generating 768 megawatts of power. Its facilities also recover melts from ash that are recycled into commercial products. 

Waste Management plans to acquire assets related to its core business and will re-purchase shares with the proceeds from the $1.94 billion sale.