Waste Management Completes $1.9 Bln Sale Of Wheelabrator

(RTTNews) - Waste Management Inc (WM) on Friday said it completed the sale of its subsidiary, Wheelabrator Technologies Inc, to an affiliate of Energy Capital Partners ("ECP") for a cash sales price of about $1.94 billion.

Waste Management intends to use the net proceeds from the deal to drive incremental shareholder value by acquiring assets related to the core business and repurchasing shares.

"We're pleased with this transaction and look forward to an ongoing relationship with ECP through our long-term waste supply agreements with Wheelabrator," said David Steiner, CEO of Waste Management.