Jan. 27, 2022—Clean Harbors has "mutually agreed" to terminate its planned acquisition of Vertex Energy's used motor oil and re-refinery assets.
According to a report from MarketWatch, the two companies initially agreed to the acquisition in June. Clean Harbors would have made an all-cash transaction of $140 million for the acquisition, though the deal included a condition in which "either party could walk away unencumbered" so long as the deal was not finalized by March 31, 2022.
"Clean Harbors and Vertex have mutually agreed to terminate the transaction," said Clean Harbors Chief Executive Alan McKim. "We can now refocus our energy on other ways to deploy our capital, including continuing to invest in our Safety-Kleen Sustainability Solutions segment."
As part of the early cancelation of the agreement, Vertex will pay a $3 million "breakup fee" of $3 million to Clean Harbors.
