Republic Services Inc. (NYSE: RSG), the second-largest U.S. waste-management company, agreed to buy a unit of Tervita Corp. for about $485 million to provide services to producers of oil and gas from shale rock.
Republic will acquire Tervita LLC in a cash deal that’s expected to close in the first quarter of next year, the Phoenix-based company said Dec. 19 in a series of slides posted on its website.
Tervita, which is based in Calgary, has operations that span the Bakken, Permian and Eagle Ford basins, Republic said in a separate statement.
“The acquisition of this vertically integrated operation allows Republic Services to establish a significant platform in the E&P waste sector,” Republic CEO Donald W. Slager said in the statement.
JP Morgan Chase & Co. was financial adviser to Republic and Goldman Sachs Group Inc. advised Tervita.
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