Heritage-Crystal To Be Acquired By J.F. Lehman & Company For $1.2 Bln

(RTTNews) - Heritage-Crystal Clean, Inc (HCCI) on Wednesday announced that it has entered into a definitive merger agreement to be acquired by an investment affiliate of J.F. Lehman & Company (JFLCO), in an all-cash transaction that values Crystal Clean at approximately $1.2 billion.

Under the terms of the agreement, JFLCO will acquire all the outstanding shares of Crystal Clean for $45.50 per share in cash. The purchase price represents a premium of approximately 24.9% to Crystal Clean's 60-day volume-weighted average price on July 19, 2023.

The transaction is expected to close in the fourth quarter of 2023. Upon completion of the transaction, Crystal Clean will become a privately held company, and shares of Crystal Clean's common stock will no longer be listed on the Nasdaq Stock Exchange or traded in any other public market.

Wednesday, the stock was trading at $45.15 in the after-hours, up 7.65% or $3.21 a share, on the New York Stock Exchange.