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Waste Connections buying Progressive Waste in all-stock deal

Waste Connections is buying Progressive Waste Solutions Ltd. in an all-stock deal that creates a waste management company worth more than $8 billion.

The transaction is structured as a reverse merger. Shareholders of The Woodlands, Texas-based Waste Connections Inc. will own about 70 percent of the combined business, with Progressive Waste stockholders owning approximately 30 percent.

Progressive Waste announced earlier this month that it was looking at its strategic options. The Canadian company's chairman, James Forese, said in a written statement on Tuesday that the board and a special committee determined that the deal with Waste Connections was in the best interest of...

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