Texas-based waste company to buy Ontario's Progressive Waste Solutions

TORONTO -- Progressive Waste Solutions has agreed to a friendly deal that will see the Canadian company merged into a new business that's controlled by shareholders and management of Texas-based Waste Connections.

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The deal will merge two of North America's biggest solid-waste operations and create a new Canadian corporate entity that's 70 per cent owned by shareholders of Waste Connections and 30 per cent by shareholders of Progressive Waste.

The announcement comes two weeks after Progressive confirmed it was reviewing its strategic options.

Based on Monday's closing stock price of $33.82 per share, Progressive (TSX:BIN) was worth nearly C$4 billion and Waste Connections (NYSE:WCN) was worth about US$6.24 billion as stand-alone companies.

Waste Connections is based in Woodlands, Texas -- north of Houston -- and it operates in 32 states.

The companies say the current management of Waste Connections will lead the combined company, which will maintain a Canadian headquarters in the Toronto area.


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