This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.
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
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.