New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 20, 2014
13:53 EDTVTNRVertex Energy trades at 52-week high after strategic acquisition
Shares of Vertex Energy (VTNR), an environmental services company, are exploding to the upside after announcing last night that it made a strategic acquisition that adds over 80M gallons of re-refining capacity and significantly expands engineering talent and capabilities. WHAT'S NEW: Vertex agreed to acquire certain assets of Omega Holdings related to the re-refining and processing of used motor oil and the distribution of fuel oils and base lubricating oils. The purchase price for the acquisition is $30.75M in cash, 2M shares of Vertex’s common stock, and the assumption of approximately $9.7M in capital leases and other liabilities. 1M shares of stock will be held in escrow to satisfy post-closing obligations, liabilities and indemnities. Vertex CEO Benjamin Cowart stated, "We are pleased by this agreement with Omega Holdings Company as it highlights Vertex's strategy to enhance its footprint and value nationally. Omega represents over 80M gallons of re-refining capacity of use motor oil in the U.S. We expect the acquisition to be accretive immediately. At the completion of this acquisition, we will have a combined re-refining capacity of approximately 110M gallons of Used Motor Oil." PRICE ACTION: Shares of Vertex are up 17% to $4.47 in afternoon trading.
News For VTNR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for VTNR

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use