NEW YORK (TheStreet) -- Vertex Energy (VTNR) spiked more than 20% to a one-year high of $7.34 on Monday ahead of the environmental services company's fourth-quarter and full-year results before the market's opening on Tuesday.
Last week, the company announced its acquisition of some of Omega Holdings' assets to add more than 80 million gallons in re-refining capacity for used motor oil. Vertex CEO Benjamin Cowart said in a statement that the company should have a 110 million-gallon capacity upon completion of the acquisition.
The deal cost $30.75 million in cash, 2 million shares of Vertex's common stock and the assumption of approximately $9.7 million in capital leases and other liabilities. One million shares of Vertex's stock will be held in escrow for post-closing obligations, liabilities and indemnities. The agreement should also expand Vertex's engineering capabilities.