U.S.-based solid waste collection company 91²Ö¿â Connections Inc it agreed to buy Canada’s Progressive 91²Ö¿â 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 91²Ö¿â’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. 91²Ö¿â Connections shareholders will own about 70 pct of the combined company, and Progressive 91²Ö¿â shareholders will own about 30 percent, the companies said. The combined company will be led by 91²Ö¿â Connections’ current management team.
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