UPDATE: WCA Waste to Be Acquired For $562 Million
WCA Waste (Nasdaq: WCAA), the Texas-based waste removal firm, will be acquired by Macquarie Infrastructure Partners II, an infrastructure investment fund, for $526 million. That price tag values WCA Waste at $6.50 a share, a 30% premium to Tuesday's closing price.
WCA's operations consist of 25 landfills, 29 transfer stations and 29 collection operations. When the acquisition is complete, WCA will be become a private company and its shares will be delisted from the Nasdaq. The deal is expected to close in the first quarter of 2012.
"The acquisition of WCA represents an attractive opportunity for Macquarie Infrastructure Partners II," said Christopher Leslie, Chief Executive Officer of MIP II, in a statement. "The management team at WCA has done an excellent job in building successful operations across many geographies. This acquisition will leverage our existing industry knowledge and help us to expand and diversify MIP II's North American portfolio."
Macquarie Infrastructure Partners and Macquarie Infrastructure Partners II have invested over $5.5 billion in various infrastructure companies and projects in North America.
WCA does business in Alabama, Arkansas, Colorado, Florida, Kansas, Massachusetts, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. The shares have risen 3.3% year-to-date.
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