Deals
Waste Connections to Buy Progressive Waste, Move to Canada
- Texas hauler plans to join dozens of U.S. firms moving abroad
- Corporate tax rate to drop to 27% from 40%, companies said
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Waste Connections Inc. agreed to buy Ontario-based Progressive Waste Solutions Ltd. in an all-stock deal that will enable the U.S. garbage-hauling company to move its tax domicile to Canada in the latest so-called inversion deal.
The Texas company plans to join dozens of U.S. companies that have reincorporated in lower-tax countries since 2012 to trim the taxes they pay. The new company will have an estimated effective tax rate of about 27 percent, management said on the call. That’s down from the 40 percent rate that Waste Connections has now.