Waste Services, Inc. today announced that it has completed the simultaneous sale of its Texas operations and the acquisition of a transfer station and hauling company near Ft. Myers Florida with WCA Waste Corporation . Waste Services also received $23.7 million in cash in the transaction and has agreed to pay WCA a monthly amount of $125,000 for seven years in relation to the operation of the transfer station. Both parties have provided non-compete agreements for the respective market areas.
Waste Services intends to internalize all of the waste flow from the collection operation and transfer station in to its SLD landfill.
Waste Services has used $20 million of the cash proceeds to retire debt. The payments to WCA will be accounted for as new debt at the discounted present value of approximately $8.0 million.
