WCA Waste Sale to Macquarie Closes

Allan Gerlat, News Editor

March 23, 2012

1 Min Read
WCA Waste Sale to Macquarie Closes

WCA Waste Corp.’s purchase by Macquarie Infrastructure Partners II (MIP II) is complete.

Houston-based WCA said in a news release that trading of the company’s stock on the Nasdaq stock exchange has ended. Holders of WCA common stock will receive $6.50 per share in cash. That brings the value of the deal for New York-based MIP II, part of the Sydney-based Macquarie Group, to approximately $526 million.

WCA also said its tender offer relating to all its outstanding 7½ percent senior notes due 2019 has expired. Holders of $172 million principal amount, or about 98.3 percent, of the notes had been validly tendered.

MIP II, when it announced the deal in December, said will finance the transaction through a combination of shareholder capital and new underwritten credit facilities.

WCA ranked 18th on the Waste Age 100, with 2010 revenue of  $230 million and 1,286 employees. The company operates 25 landfills, 29 transfer stations and 29 collection operations. It serves approximately 450,000 customers in 14 states in the Southeast and Midwest U.S.

Macquarie also owns Waste Industries USA Inc. Michael Hoffman, director of research for Memphis, Tenn.-based Wunderlich Sercurities Inc., has said there is overlap with the Waste Industries businesses, and divestitures from the deal are possible.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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