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Republic Services, Allied Waste Industries merger completed
By Lisa Kerner
Charlotte, N.C., Dec. 5 - Republic Services, Inc. and Allied Waste Industries, Inc. finalized their merger on Dec. 5 as expected.
The combined company, named Republic Services, Inc., is based in Phoenix and trades on the New York Stock Exchange under the ticker symbol "RSG."
Allied Waste stock will be delisted and will no longer trade on the NYSE, Republic Services said.
Under the companies' merger agreement, Allied Waste shareholders will receive 0.45 of a share of Republic Services common stock for each share of Allied Waste common stock.
Stockholders of both companies approved the merger in November.
According to a Republic Services news release, the combined company has expected pro forma annual revenue of about $9 billion and total market capitalization of about $8 billion.
The combined company has 35,000 employees and 13 million customers in 40 states and Puerto Rico.
Republic Services, a solid waste collection, transfer and disposal services company, expects to generate more than $150 million in pre-tax annual synergies by 2011.
Jim O'Connor continues as chairman and chief executive officer of Republic Services. Former Allied Waste president and chief operating officer Don Slager is now president and COO of Republic Services.
O'Connor is on the 11-member board of directors of the combined company, along with five independent directors from the former Republic Services board of directors and five independent directors from the former Allied Waste board of directors.
Merrill Lynch & Co. advised Republic Services on the transaction. Allied Waste was advised by UBS Investment Bank.
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