Averda, a provider of waste-disposal services in India, the Middle East and Africa, is in talks to go public through a merger with Better World Acquisition Corp., a blank-check firm, according to people with knowledge of the matter.
The transaction’s size couldn’t immediately be learned. A deal, if reached, could be announced in coming weeks, one of the people said.
Averda representatives didn’t immediately respond to requests for comment outside of Dubai’s business hours. A Better World spokesperson declined to comment.
Dubai-based Averda, led by Chief Executive Officer Malek Sukkar, has more than 60,000 clients in sectors including oil and gas, automotive and hospitality, its website shows. Its services include street cleaning, bin collection and disposal of hazardous and household waste. Averda says its mission is to treat, recover and recycle more than 80 percent of the waste it processes through sustainable methods.
Better World, led by CEO Rosemary Ripley, raised about $126 million in a November 2020 initial public offering to focus on a transaction in “healthy living industries” that benefit from strong environmental, social and governance profiles.
A year later, the special purpose acquisition company said its sponsor had deposited fresh cash into its trust account to extend the date by which it has to complete a combination to February 17, 2022, from November 17, 2021. That was the first of two three-month extensions permitted under the SPAC’s governing documents.
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