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Canada: US waste company is buying Progressive Waste for $2.6 billion

By  |  January 19, 2016

US based Waste Connections is buying Canada’s Progressive Waste Solutions for about $2.67 billion in a deal that will make the combination the third-biggest waste management services provider in North America.

The all-stock deal, structured as a reverse merger, will allow Waste Connections to move its tax domicile to Canada with its shareholders owning about 70 pct of the combined company.

The transaction is the latest in a string of deals where US companies have acquired foreign companies through reverse mergers to avoid higher tax rates at home.

Full content: Reuters

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