Waste Management Inc said it would sell its waste-to-energy unit to private equity firm Energy Capital Partners for $1.94 billion in cash, to focus on its larger solid waste business.The company, which also reported a better-than-expected quarterly profit, said it would use proceeds from the sale of Wheelabrator Technologies Inc to acquire other businesses, purchase back shares and repay debt.Waste Management shares were up 1.8 percent at $44.69 in premarket trading.Wheelabrator Technologies Inc - which operates waste combustion plants to produce clean, renewable energy - generated only about $845 million of Waste Management's total revenue of $13.98 billion in 2013.
Waste Management, Inc. (WM) is a provider of waste management services in North America. Shares of WM remained unchanged at $43.89. In the past year, the shares have traded as low as $39.60 and as high as $46.38. On average, 1496460 shares of WM exchange hands on a given day and today's volume is recorded at 440.
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