Waste Connections and Progressive Waste Solutions to merge
Waste Connections Inc., headquartered in The Woodlands, Texas, and Progressive Waste Solutions Ltd., headquartered in Toronto, have entered into a definitive agreement to merge in an all-stock transaction. When the transaction is completed, Waste Connections stockholders will own approximately 70 percent of the combined company, while Progressive Waste shareholders will own approximately 30 percent. Both companies’ boards of directors have unanimously approved the transaction, which is expected to close in the second quarter of 2016, the companies say in a joint news release issued Jan. 19, 2016. Upon closing, the combined company will use the Waste Connections name and its shares likely will trade on the New York Stock Exchange and the Toronto Stock Exchange, according to the news release.
Upon completion of the merger, which is expected to be in the second quarter of 2016, the combined company will be led by Waste Connections’ current management team, and the board of directors will include the five current members of Waste Connections’ board and two members from Progressive Waste’s current board.
The combined company will maintain headquarters in The Woodlands and Canadian operating headquarters in Toronto and will be domiciled in Canada.
Waste Connections, founded in 1997, is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services, serving more than 2 million commercial and residential customers in 32 states.
Progressive Waste Solutions Ltd. provides nonhazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 14 U.S. states, the District of Columbia and six Canadian provinces.