Casella Waste Systems, Inc CWST completed the acquisition of the Pennsylvania, Delaware, and Maryland collection, transfer, and recycling operations of GFL Environmental Inc. GFL on June 30, 2023.
The purchase price of the acquisition was approximately $525 million.
The deal was funded through a combination of the company's new $430 million term loan and proceeds from an equity offering.
The acquisition includes nine hauling operations, one transfer station, and one material recovery facility, and is expected to generate aggregate annualized revenues of about $185 million.
The transaction is expected to boost Casella's growth opportunities by expanding into adjacent markets.
"This is an exciting step forward in our company's growth strategy as we extend our footprint into the Mid-Atlantic with a new platform for future growth," said Chairman and CEO John W. Casella.
Casella held $60.2 million in cash and equivalents as of March 31, 2023.
Price Action: CWST shares are trading lower by 1.23% at $89.34 on the last check Monday.
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