In June 2026, EQT Infrastructure announced an agreement to acquire Covanta for $20.25 per share, valuing the transaction at $5.3 billion including net debt. The company changed its name to Reworld Holding Corporation in April 2024 as part of a broader rebranding toward sustainable waste solutions.
Cyborg Score Rationale
Covanta holds a strong market position in waste-to-energy with 41 operational facilities and diversified waste management services. However, the pending acquisition by EQT Infrastructure and recent rebranding create near-term uncertainty regarding strategic direction and standalone operational performance.
Top Insights
Operates 13 waste transfer stations, 20 material processing facilities, four landfills, one metals processing facility, and one ash processing facility complementary to WtE operations.
Rebranded as Reworld Holding Corporation in April 2024 to emphasize sustainability positioning.
Generates revenue through waste disposal, electricity and steam sales, recovered metal sales, and specialized waste services including healthcare, pharmaceutical, and depackaging solutions.
Stock gained 63.4% over the past year prior to acquisition announcement.
Named Competitors
Waste Management — Leading integrated waste collection, recycling, and disposal services provider
Veolia — Global water, waste, and energy management services
Waste Connections — Regional waste collection and disposal services in North America
Recent Developments
(June 2026) EQT Infrastructure announced definitive agreement to acquire Covanta for $20.25 per share, valued at $5.3 billion including net debt
(April 2024) Company rebranded from Covanta Holding Corporation to Reworld Holding Corporation
Maintains diversified waste infrastructure network spanning transfer stations, recycling facilities, landfills, and specialized waste processing
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