By Nathalie Tadena
WCA Waste Corp said it will be acquired by a fund managed by Macquarie Group in a deal that values the waste-management company at approximately US$ 154.1 million and allows the fund to expand and diversify its North American portfolio.
Shares of WCA jumped 30 per cent to US$ 6.38 in after-hours trading on the news.
The deal values WCA’s stock at US$ 6.50 a share, a 30 per cent premium to its closing price on Tuesday.
Under the deal, Macquarie Infrastructure Partners II, an infrastructure-investment fund, will acquire all of WCA’s outstanding common stock, redeem all Series A preferred stock and either partially or completely refinance the company’s existing credit facilities.
WCA’s board unanimously has approved the deal, which is expected to be completed in the first quarter of 2012. The deal will be financed through shareholder capital from Macquarie and new credit facilities.
The funds managed by Macquarie Infrastructure Partners have ownership interests in a range of businesses, including waste services, toll roads, bridges, utilities and telecommunications infrastructure.
The companies valued the transaction at about US$ 526 million.
WCA’s common stock will cease trading on the Nasdaq once the deal is completed.
Separately, Macquarie advised Tokio Marine Holdings on its US$ 2.66 billion takeover of Delphi Financial Group.
According to Dealogic, it’s the sixth biggest overseas deal by a Japanese company this year. However, Macquarie won’t be booking any fees until the completion of the transaction which is slated for the second quarter of 2012.
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