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Cleaning services provider Heritage-Crystal Clean Inc (NASDAQ:HCCI) has entered into a definitive merger agreement to be acquired by an investment affiliate of J.F. Lehman & Company (JFLCO).
The deal is an all-cash transaction that values Crystal Clean at approximately $1.2 billion.
Under the terms of the merger agreement, JFLCO will acquire all the outstanding shares of Crystal Clean for $45.50 per share in cash.
The purchase price represents a 24.9% premium to Crystal Clean's 60-day volume-weighted average price on July 19.
Crystal Clean will become a privately held company, and its shares will no longer be listed on the Nasdaq Stock Exchange or trade in any other public market.
JFLCO is a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors.
The transaction is expected to close in the fourth quarter of 2023.
Price Action: HCCI shares closed lower by 1.60% at $41.94 on Wednesday.
Posted In: HCCI
