- BlackRock Inc. (NYSE:BLK) has agreed to acquire Vanguard Renewables, a Boston-area company that works with dairy farmers and food companies to produce renewable natural gas for utilities and energy firms, reported Wall Street Journal.
- The transaction is valued at $700 million, and BlackRock could spend over $1 billion more in financing Vanguard Renewables’ expansion, WSJ stated, citing a source familiar with the matter.
- Companies pay Vanguard Renewables to combine their food waste with cow manure to produce renewable natural gas, or RNG, using facilities known as anaerobic digesters. Leftover material from the process can be used as a low-carbon fertilizer.
- Founded in 2014, Vanguard Renewables is one of the industry’s largest players, with six anaerobic digesters installed in the northeastern U.S. It hopes to have 100 digesters nationally by 2026, using funding that is part of the BlackRock purchase.
- Price Action: BLK shares closed higher by 1.02% at $634.73 on Wednesday.
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