THE WOODLANDS, Texas - Solid waste services company Waste Connections is buying R360 Environmental Solutions Inc. for about $1.3 billion in cash.
Waste Connections said Monday that the transaction is a natural extension of its exploration and production disposal services.
R360 provides non-hazardous oilfield waste treatment, recovery and disposal services in areas including the oil-rich Permian, Bakken and Eagle Ford Basins. The privately-held company runs 26 facilities across Louisiana, New Mexico, North Dakota, Oklahoma, Texas and Wyoming.
"This is a terrific opportunity that should enable us to grow more rapidly. By combining our business and expertise with the scale, breadth and financial resources of Waste Connections, we will be able to enhance the environmental solutions we bring to our customers," R360 CEO Troy Thacker said in a statement.
Waste Connections Inc. serves more than 2 million residential, commercial and industrial customers from a network of operations in 30 states. The Woodlands, Texas, company also provides intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.
The acquisition is expected to close in the fourth quarter.
Easter Connections shares finished at $29.67 on Friday. They are up 3.4 percent from a 52-week low of $28.70 in mid-June. They peaked for the year last October at $35.95.
Copyright 2012 The Associated Press.