Environmental cleanup firm Clean Harbors Inc. (NYSE: CLH) announced this morning that it has signed a definitive agreement to acquire privately held Safety-Kleen Inc. in an all-cash deal worth $1.25 billion. Safety-Kleen is a oil re-refining and recycling firm.
Clean Harbors’ CEO said:
Safety-Kleen is a recognized leader in the environmental services field with a corporate heritage that dates back nearly 50 years with a strong service culture. We have the benefit of a long and positive relationship with Safety-Kleen as a result of our acquisition of its Chemical Services Division a decade ago. Safety-Kleen has been a large customer of our environmental services business. The addition of its entire organization aligns perfectly with our acquisition strategy of expanding our Environmental Services business in North America. Safety-Kleen is the largest collector of waste from the small quantity generator market and the leader in re-refining used oil in North America.
Clean Harbors said that the acquisition is expected to be immediately accretive to earnings, not including one-time fees and acquisition-related expenses.
The company said it has received a financing commitment from Goldman Sachs (NYSE: GS), but that Clean Harbors “is currently considering several financing options for the transaction that may include a combination of existing cash, debt and equity.”
Shares of Clean Harbors closed at $49.44 on Friday, in a 52-week range of $46.94 to $71.63. U.S. Markets are closed today due to Hurricane Sandy.
Paul Ausick
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
