Middle East

Dubai’s Averda is said to be participating in the Better World SPAC merger negotiations

Averda, a provider of waste treatment services based in Dubai, is a US-listed SPAC and Middle Eastern company, according to people with knowledge of this issue, due to a merger with blank-checking company Better World Acquisition Corp.

I couldn’t immediately know the size of the transaction. If an agreement is reached, it could be announced within a few weeks, one said.

Aberda representatives and Better World spokesmen declined to comment.

Headed by Chief Executive Officer Malek Sukkar, Averda is one of the largest waste management companies in the Middle East and Africa. Private equity has considered an initial public offering in the past and sold a 33% stake in 2008 to Bahrain-based private equity firm Growthgate Capital.

Transactions, including special-purpose acquisition companies, have exploded in popularity in recent years, but so far only a handful of such transactions have been seen in the Middle East. Abu Dhabi-based music streaming service Anghami and mass transit solution provider Swvl announced plans to list on Nasdaq last year through a merger with SPAC.

With operations from South Africa to India, Averda has more than 60,000 customers in areas such as oil and gas, automotive and hospitality. Its services include street cleaning, trash collection, and disposal of hazardous and household waste. Averda states that its mission is to treat, collect and recycle over 80% of waste that is treated in a sustainable manner.

BetterWorld, led by CEO Rosemary Ripley, raised about $ 126 million in its initial public offering in November 2020 and trades in a “healthy living industry” that benefits from a strong environmental, social and governance profile. Focused on.

A year later, SPAC stated that the sponsor had to deposit new cash in the trust account and extend the date on which the combination had to be completed from November 17, 2021 to February 17, 2022. Extensions allowed in the SPAC Administration document.

https://gulfbusiness.com/dubais-averda-said-to-be-in-better-world-spac-merger-talks/ Dubai’s Averda is said to be participating in the Better World SPAC merger negotiations

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