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News from Reuters

Canada's IESI-BFC to acquire Waste Services

11/11/09

TORONTO (Reuters) - IESI-BFC Ltd said on Wednesday it has agreed to acquire Waste Services Inc in an all-stock deal worth about $370 million that will create North America's third-largest solid-waste management company.

IESI-BFC will issue 0.5833 common share of IESI-BFC for each Waste Service common share held. Waste Service shareholders will own about 23 percent of the combined company following the close of the deal.

The combined company, to be headquartered in Toronto, will have more than 6,000 employees serving commercial, industrial and residential customers in more than 10 U.S. states and six Canadian provinces.

The deal is expected to close during the first calendar quarter of 2010 and has been approved by the boards of directors of both companies. .

(Reporting by Euan Rocha, editing by Maureen Bavdek)

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