Completion of the deal is expected by August.
According to Biffa, the deal will significantly expand its industrial and commercial collections business nationwide. It will also expand its specialist services and resources and energy operations adding long-term revenues and secures the benefits arising from the control of additional feedstocks.
From the industrial and commercial collections, an additional £85 million in revenue will come from Viridor’s 21,000 industrial and commercial customers and a network of 15 depots across the UK.
The acquisition will also provide an additional 22,000 tonnes to the Biffa Polymers business.
Biffa chief executive Michael Topham said: “The acquisition of Viridor’s collections business, and certain recycling assets, is a compelling opportunity for Biffa.
“The addition of Viridor’s £85 million collections revenues builds on the Group’s strong track record as the leading market consolidator in the highly fragmented I&C collections market.
“In addition, the acquired recycling and treatment assets broadens our coverage and control of materials, strengthening Biffa’s position as one of the largest recyclers of post-consumer materials in the UK.
“When combined with the other investments we have made over the past year across waste reduction, recycling and energy recovery, we have positioned the Group as a leading enabler of the UK circular economy, ready to tackle the UK’s waste challenge. We look forward to welcoming our new colleagues from Viridor to Biffa in due course.”