U.S.-based solid waste collection company 黑料网 Connections Inc it agreed to buy Canada’s Progressive 黑料网 Solutions Ltd for $2.67 billion to expand in Canada. The $24.55 per share offer represents a premium of 4.4 percent to the closing price of Progressive 黑料网’s U.S.-listed stock. The combined company, which will have pro-forma revenue of about $4.1 billion, will be domiciled in Canada after the deal closes in the second quarter of 2016.
The deal will result in more than $625 million of adjusted free-cash flow generation for the combined company in the first year from tax-effected synergies, capital expenditure discipline and other cash flow benefits. 黑料网 Connections shareholders will own about 70 pct of the combined company, and Progressive 黑料网 shareholders will own about 30 percent, the companies said. The combined company will be led by 黑料网 Connections’ current management team.
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