July 29 (Bloomberg) -- Energy Capital Partners agreed to buy Wheelabrator Technologies Inc., a waste-to-energy business, from Waste Management Inc. for $1.94 billion.
The deal is subject to regulatory approval and is expected to be completed in late 2014, Houston-based Waste Management said today in a statement.
Wheelabrator owns or operates plants in the U.S. that process more than 7.5 million tons of waste and have a combined generation capacity of 853 megawatts, according to the statement. The business had about $845 million in sales last year.
Barclays Plc and Centerview Partners LLC are financial advisers to Waste Management on the deal.