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NRCG - US Ecology: NRC Group Acquisition Looks Fair
NRC Group Holdings Corp.
US Ecology (ECOL) and NRC Group (NRCG) have agreed to combine their operations in an attempt to gain greater scale. The deal makes sense on paper as a larger and more diversified environmental service player should be able to extract synergies, while the all-stock deal should make the deal accretive, given that NRC trades at a lower multiple, and synergies can be realised. Nonetheless, investors are not yet convinced. In fact, shares of US Ecology have dipped quite a bit, making this an interesting story to watch going forward.