K+S Aktiengesellschaft and Remex GmbH, a wholly-owned subsidiary of Remondis SE & Co. KG, have agreed today to bundle their waste management activities in a new joint venture, REKS GmbH & Co. KG, in which both companies are equal partners each with 50 percent participation.
The contribution of the K+S stakes to ‘REKS’, which is to be consolidated at equity, will enable K+S to realize a significant book gain, while at the same time generating a cash inflow of about €90 million before taxes with closing, said K+S.
The transaction remains subject to antitrust authorities’ approval, with transaction closing expected in summer 2021.