Chorley-based organic waste specialist TEG Group said its issue of new shares to raise £6.8m for the acquisition of six composting sites in the Midlands is due to take effect from Thursday 1 July.
The AIM-listed group is acquiring the sites through the takeover of the owner Simpro. TEG will have extra capacity for overflow from its North West contracts following the takeover.
The acquisition will more than double the number of sites operated by TEG, with the company managing 10 sites following the acquisition.
TEG takes food and other organic waste from local authorities, catering companies and water industries to treat through anaerobic digestion and produce biogas.