Waste Connections and Progressive Waste Solutions Issue Joint Statement
OREANDA-NEWS. Waste Connections, Inc. (NYSE:WCN) and Progressive Waste Solutions Ltd. (NYSE: BIN) (TSX:BIN) today announced their preliminary conclusions regarding the U.S. Department of Treasury's proposed tax regulations issued late yesterday. Based upon an initial review by the companies and their advisors, the companies believe that the proposed regulations could have an impact of less than 3% of the combined company expected Year 1 adjusted free cash flow*, which is estimated to be more than $625 million, excluding any additional structuring benefits that could offset such impact. The two companies remain committed to the strategic merger announced on January 19, 2016, which is expected to close in the second quarter of 2016.
About Waste Connections, Inc.
Waste Connections, Inc. ("Waste Connections") is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets. Through its R360 Environmental Solutions subsidiary, Waste Connections is also a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services in several of the most active natural resource producing areas in the United States, including the Permian, Bakken and Eagle Ford Basins. Waste Connections serves more than two million residential, commercial, industrial, and exploration and production customers from a network of operations in 32 states. Waste Connections also provides intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in The Woodlands, Texas.
About Progressive Waste Solutions Ltd.
As one of North America's largest full-service waste management companies, Progressive Waste Solutions Ltd. ("Progressive Waste") provides non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 14 U.S. states and the District of Columbia and six Canadian provinces. Progressive Waste serves its customers with vertically integrated collection and disposal assets. Progressive Wastes' shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol "BIN".