Waste Connections and Progressive Waste Solutions announced that they have entered into a definitive agreement to merge in an all-stock transaction.
Upon the completion of the transaction, Waste Connections stockholders will own approximately 70% of the combined company, and Progressive Waste shareholders will own approximately 30%. The transaction has been unanimously approved by both companies’ boards of directors and is expected to close in Q2/16.
Morgan Stanley is serving as lead financial advisor to Waste Connections along with Stifel, Nicolaus, Bank of America Merrill Lynch and Wells Fargo Securities as co-advisors. Locke Lord and Bennett Jones are serving as legal counsel. Morgan Stanley provided a fairness opinion to the Waste Connections board of directors.
J.P. Morgan Securities is serving as sole financial advisor to Progressive Waste, and Stikeman Elliott and Weil, Gotshal & Manges are serving as legal counsel. J.P. Morgan Securities and BMO Capital Markets each provided a fairness opinion to the Progressive Waste board of directors.
Upon closing, the combined company will use the Waste Connections name and it is anticipated that its shares will trade on the New York Stock Exchange and the Toronto Stock Exchange.
“We are extremely excited to welcome Progressive Waste into the Waste Connections family and believe the combination will be quite compelling to our collective employees, shareholders and other stakeholders,” said Ronald J. Mittelstaedt, chief executive officer and chairman of Waste Connections.