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Newalta, Tervita to form energy-focused environmental solutions provider

Newalta, Tervita to form energy-focused environmental solutions provider

Newalta Corporation and Tervita Corporation, a private Alberta-based energy-focused waste and environmental services company, are pleased to announce that they have entered into an arrangement agreement to combine their businesses and create a leading publicly traded energy-focused environmental solutions provider in Canada providing waste processing, treating, recycling and disposal services to customers in the oil and gas, mining and industrial sectors. The transaction, which will result in the merger of Newalta and Tervita under the name Tervita Corporation, is expected to provide significant scale, resources and future growth opportunities.

John Barkhouse, President and Chief Executive Officer of Newalta, stated, "We are pleased to announce this milestone transaction, which offers our shareholders a meaningful ownership position in a significantly larger entity that is the premier Canadian energy environmental solutions provider. Newalta shareholders will have the opportunity to participate and benefit in the success and growth of the combined businesses. Additionally, this transaction significantly improves our balance sheet, and the synergies and growth opportunities provide significant potential value creation for Newalta shareholders. We strongly believe that this combination is the most attractive path forward for Newalta, and we are committed to making the merger and ensuing integration a success."

"Each of our companies are industry leaders with a robust portfolio of attractive growth projects." said John Cooper, Tervita's Chief Executive Officer. "We are excited to combine with Newalta's high-quality assets and talented personnel, and we will continue to set the standard for service quality benefiting customers, employees and stakeholders. This combination also represents an excellent opportunity for Tervita to become a publicly traded company, and we look forward to building value for shareholders in a measured and disciplined manner in the years to come."

New Tervita will be led by the existing senior executive team of Tervita comprised of John Cooper as President and Chief Executive Officer, Brad Dlouhy as Chief Operating Officer and Rob Dawson as Chief Financial Officer.

The New Tervita board of directors will be comprised of the following ten members: the current six independent directors of Tervita, Grant Billing (Chairman), Allen Hagerman, Jay Thornton, Cameron Kramer, Doug Ramsay, Kevin Walbridge; John Cooper (the CEO of New Tervita); two current independent directors of Newalta, Gordon Pridham and Susan Riddell Rose; and Michael Colodner from Solus Alternative Asset Management LP (Tervita's largest shareholder).

Company info

211 - 11 Avenue S.W.
Calgary, AB
CA, T2R 0C6

Website:
newalta.com

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