Waste Connections, Inc. and Progressive Waste Solutions Ltd. Announce Successful Completion of Combination
TORONTO – Waste Connections, Inc. (TSX/NYSE: WCN) (“New Waste Connections”) today announced the completion of the merger transaction involving New Waste Connections (formerly Progressive Waste Solutions Ltd. (“Progressive Waste”)) and Waste Connections US, Inc. (formerly Waste Connections, Inc. (“Old Waste Connections”)).
As of the close of trading on May 31, 2016, shares of Old Waste Connections common stock ceased trading on the New York Stock Exchange under the symbol “WCN” and shares of Progressive Waste ceased trading on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol “BIN.” Effective today, common shares of New Waste Connections will commence trading on the Toronto Stock Exchange and on the New York Stock Exchange under the symbol “WCN.” In connection with the completion of the merger, the shares of Old Waste Connections common stock will be delisted from the New York Stock Exchange and will be de-registered under the United States Securities Exchange Act of 1934.
“We are pleased to announce the completion of this combination, which creates a leading North American solid waste services company with a strong financial profile and a differentiated and diverse operational footprint,” said Ronald J. Mittelstaedt, Chairman and Chief Executive Officer of New Waste Connections. “We are excited to welcome the Progressive Waste team to the Waste Connections family, and we look forward to instilling into the combined company the corporate culture, safety focus, operational excellence, capital discipline and accountability that have served us so well and which we believe are necessary for long-term success.”
“This is a very exciting combination for our employees, shareholders and other stakeholders,” said James J. Forese, Non-Executive Chairman of the Progressive Waste Board of Directors. “The combination will deliver a number of compelling strategic and financial benefits, as evidenced by the overwhelming support of our shareholders for the transaction. On behalf of the Board of Directors, we thank the Progressive Waste Solutions senior management team for their hard work and commitment in facilitating the successful completion of the merger, under the leadership of Chief Executive Officer, Dan Pio, who will continue with New Waste Connections in the role of President, Canada. With proven management and a talented team of employees, I am confident that New Waste Connections is well positioned for continued growth and success.”
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