LUXEMBOURG (dpa-AFX) - Befesa S.A. (BFSA.F), a provider of industrial waste recycling services, Friday said it has acquired the remaining 50 percent stake in Recytech, the company's steel dust recycling services joint venture with Recylex S.A. in France, for 40 million euros.
Befesa was managing all the operations of the entire site over the past year during Recylex's insolvency proceedings.
Javier Molina, Executive Chair of Befesa, said, 'Europe remains our core business, and the acquisition of the remaining 50% in Recytech represents the opportunity to strengthen our leadership position in this crucial market, positioning us for further growth.'
The consideration of 40 million euros represents an EBITDA multiple of 3.5 times considering a through-the-cycle EBITDA, the company said in a statement.
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