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environmental The estimated enterprise value of the transaction (including debt and equity) is £398 million Urbaser’s business in the region consists mainly of recycling, treatment, waste collection and street cleaning activities The transaction is expected to be completed in the second quarter of 2024 FCC Servicios Medio Ambiente has agreed to buy the business of Urbaser’s affiliate in the United Kingdom. The estimated enter- prise value of the transaction (in - cluding debt and equity) is £398 million (around €464 million). The deal is expected to be completed in the second quarter of 2024, subject to the fulfilment of certain conditions customary in this type of transactions. More than 30 years in the United Kingdom FCC Servicios Medio Ambiente has been present with its subsi- diary FCC Environment UK in the UK market since 1989 and is one of the five largest local waste ma - nagement operators. The acqui - sition of Urbaser’s UK business will enable it to expand its range of products and services and im- prove the value proposition for its customers. The Urbaser UK subsidiary ope- rates domestic recycling, compos - ting, materials recovery, energy recovery and disposal facilities in the UK. It also provides municipal waste collection, recycling centre management and street cleaning services. A company at the forefront of waste treatment FCC Environment UK Chief Exe - cutive Officer Steve Longdon said “as one of the UK’s leading resour - ce and waste management com- panies, this is a very positive move for our business here in the UK strengthening our core services yet further. We are looking forward to welcoming the Urbaser team and to continuing to deliver excep - tional services both to our existing and to our new clients”. Santander Corporate & Investment Bank acts as financial advisor to FCC Servicios Medio Ambiente in the transaction and Linklaters is acting as legal advisor. FCC Servicios Medio Ambiente is the head of the group of compa- nies that for more than 120 years has been the backbone of the FCC Group’s environmental activities. It serves 66 million people in 5,200 municipalities around the world and manages more than 24.6 mi - llion tonnes of waste as a resource every year. EnviRecover waste-to-energy plant in Kidderminster, United Kingdom. B U S I N E S S B U S I N E S S 17