On November 11, 2009, IESI-BFC Ltd. (IESI-BFC) (TSX, NYSE: BIN) and Waste Services, Inc. (WSI) (Nasdaq: WSII) announced that their respective boards of directors have each approved a definitive merger agreement that establishes North America's third-largest solid waste management company with expected pro forma annual revenues of nearly US$1.5 billion. The combined company, to be headquartered in Toronto, will have more than 6,000 employees serving commercial, industrial and residential customers in eleven U.S. states and the District of Columbia, and in six Canadian provinces.
The transaction, which is expected to close during Q1 2010, is expected to generate US$25-$30 million in net pre-tax annual run rate synergies by the end of the second year following closing, and to be accretive to IESI-BFC's earnings and free cash flow per share in the first year following closing.
IESI-BFC, headquartered in Toronto, is one of the largest non-hazardous solid waste management companies in North America.
Waste Services, headquartered in Burlington, Ontario, is a multiregional, integrated solid waste services company, providing collection, transfer, landfill disposal and recycling services for commercial, industrial and residential customers in the United States and Canada.
Further information is found on IESI-BFC's website.