FORT LAUDERDALE, Fla., Sept. 28 /PRNewswire/ -- Republic Services, Inc.
(NYSE: RSG) today announced that it has signed a definitive agreement to
acquire from Waste Management, Inc. substantially all of the assets Waste
Management is required to divest as part of the USA Waste-Waste Management
merger plus additional properties and assets (NYSE: WMI) for approximately
$500 million cash and certain properties. The purchase is expected to add
$160 million of annual revenue to Republic Services and be accretive to
earnings.
The transaction is expected to close before the end of the year, subject
to approvals from various state and federal agencies and other customary
closing conditions.
The assets to be acquired include 16 landfills, 11 transfer stations and
136 commercial collection routes across the United States as well as disposal
agreements at various Waste Management facilities.
Republic expands its presence in four existing markets and enters 16 new
markets with the purchase of these assets. The acquisition includes fully
integrated collection and disposal operations in nine markets including
Houston, Texas; Denver, Colorado; Louisville, Kentucky; Portland, Oregon;
Pittsburgh, Pennsylvania and Detroit, Michigan, as well as the cities of
Akron, Cleveland and Columbus in Ohio.
Whit Hudson, Vice Chairman of Republic Services said, "Acquiring these
assets from Waste Management is a major step forward for Republic Services.
It increases our number of fully integrated operations and provides
significant disposal capacity for our existing collections operations in the
Los Angeles, Eastern Pennsylvania and New Jersey markets. Our entry into new
markets provides an excellent platform from which to grow."
Republic Services, Inc. is one of the largest providers of non-hazardous
solid waste collection and disposal services in the United States. Its
operating units provide solid waste collection services for commercial,
industrial, municipal and residential customers in 28 states.
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance, or achievements expressed or implied in
such forward looking statements. Additional discussion of factors that could
cause actual results to differ materially from management's projections,
forecasts, estimates and expectations is contained in the Company's SEC
filings.
SOURCE Republic Services, Inc.