Macquarie Infrastructure Partners II is buying WCA Waste Corp. in a cash deal valued at $526 million, Reuters reported. Macquarie will pay $6.50 for each WCA share, a premium of 32% to the stock’s Wednesday close of $4.91 on Nasdaq.
(Reuters) – Investment fund Macquarie Infrastructure Partners II has agreed to buy WCA Waste Corporation in a cash deal valued at $526 million, the solid waste management company said.
Macquarie will pay $6.50 for each WCA share, a premium of 32 percent to the stock’s Wednesday close of $4.91 on Nasdaq.
The fund will also redeem all Series A preferred stock and either partially or completely refinance WCA’s existing credit facilities.
Macquarie Infrastructure Partners is a member of the Macquarie Group of companies.
The transaction, expected to close in the first quarter of 2012, will be financed through a combination of shareholder capital from the fund and new underwritten credit facilities, WCA said.
The Houston-based WCA serves about 450,000 customers in the U.S. Southwest and Midwest.