Synagro Technologies stockholders approve proposed merger with affiliates of Carlyle Group

By Lisa Kerner

Charlotte, N.C., March 29 - Synagro Technologies, Inc. stockholders approved the agreement and plan of merger among Synagro, Synatech Holdings, Inc. and Synatech, Inc., according to a company news release.

Under the agreement announced on Jan. 29, Synagro will become a wholly owned subsidiary of Synatech Holdings, an affiliate of the Carlyle Group, in a transaction valued at $772 million, or $5.76 per share.

In addition, Synagro's board of directors declared a cash dividend to its stockholders of record as of Thursday. The dividend amount will be $0.10 per share multiplied by a fraction based on the merger closing date, which is expected to be April 2.

Synagro, located in Houston, recycles biosolids and other organic residuals.

The Carlyle Group is a global private equity firm based in New York.

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