NTR’s sale of US firm complete

Dublin-headquartered renewable energy group, NTR has completed its exit from the international waste management industry, via the $180m (€131.4m) sale of its Greenstar US business.

The subsidiary is being sold to WM Recycle America LLC — a subsidiary of the Houston-based/NYSE-quoted environmental services giant, Waste Management Inc.

The $180m consideration is a gross figure. After reduction for certain costs, third party debt and other assorted deductions; the net cost will be $129m. However, up to an additional $40m will be payable by the American company by 2018 should Greenstar US satisfy certain performance criteria.