2023-06-12 16:25:01 ET
Casella Waste Systems ( NASDAQ: CWST ) said Monday it would purchase Consolidated Waste Services for $219 million in cash.
Consolidated Waste Services, dba Twin Bridges, is a solid waste management company located in Albany, New York.
The deal includes the acquisition of two collection operations, one transfer station, one material recovery facility, one office building, and several satellite properties.
In a separate press release , the company announced a $400 million Class A common stock offering.
Net proceeds from the offering will be used to finance a portion of its previously announced acquisition of operations from GFL Environmental and the assets of Consolidated Waste Services, repay borrowings from its revolving credit facility, and for general corporate purposes.
The underwriters have an option for a period of 30 days to purchase up to an additional 15% of the shares under the stock offering.
Raymond James and Stifel will act as joint book-running managers for the offering.
Shares -1.6% at $91 after hours.
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Casella Waste Systems buys Consolidated Waste Services, launches $400M stock offering