In special meetings held yesterday, shareholders of Toronto-based Progressive Waste Solutions and The Woodlands, Texas-based Waste Connections approved the previously announced plan of merger between the two firms. The deal is now expected to close on June 1.
Under the plan, originally announced in January, Progressive Waste, Water Merger Sub LLC, a wholly-owned subsidiary of Progressive Waste, and Waste Connections, Inc., a Delaware corporation will merge with Waste Connections continuing as the surviving corporation. The deal is valued around $2.7 billion. The two companies posted more than $4 billion in revenues in 2015. They rank fifth and sixth on the current Waste360 Top 100. After the tie-up, the combined entity will rank third.