By Lisa Kerner
Charlotte, N.C., Dec. 18 - Waste Industries USA, Inc. agreed to be acquired by an investor group that includes the company's founder and chairman Lonnie C. Poole Jr., president and chief executive officer Jim W. Perry, Macquarie Infrastructure Partners and Goldman Sachs.
The investor group will acquire all outstanding shares of the company it does not already own for $38.00 per share in cash.
Total equity value of the transaction is valued at approximately $544 million, according to a company news release.
Waste Industries shareholders must approve the acquisition prior to the transaction's close during the first half of 2008.
The investor group first made its offer to acquire Waste Industries in October for $36.75 per share.
"We firmly believe that going private is the most attractive path available for the company, our shareholders, employees, customers, vendors and the communities which we serve," Poole, who started the company 37 years ago, said in the release.
"Transitioning to a private company will provide the company with the level of investment necessary to further develop its business while at the same time delivering what we believe is an attractive premium to shareholders," Poole added.
The solid waste services company will continue to operate under its original name and maintain its Raleigh, N.C., headquarters.
The company was advised by Robinson, Bradshaw & Hinson, PA and Wyrick Robbins Yates & Ponton LLP.
| Acquirers: | Lonnie Poole Jr., Jim Perry, Macquarie Infrastructure Partners and Goldman Sachs
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| Target: | Waste Industries USA, Inc.
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| Announcement date: | Dec. 18
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| Transaction total: | $544 million
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| Price per share: | $38.00
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| Expected closing: | First half 2008
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| Stock price of target: | Nasdaq: WWIN: $29.69 on Dec. 17
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