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Republic Services inks deal to sell some assets

Republic Services Inc. has reached an agreement to sell some of its assets as part of divestitures required following the company's combination with Allied Waste Industries Inc., a deal that created the second-largest U.S. trash hauling company.
/ Source: The Associated Press

Republic Services Inc. has reached an agreement to sell some of its assets as part of divestitures required following the company's combination with Allied Waste Industries Inc., a deal that created the second-largest U.S. trash hauling company.

As previously announced, the settlement with the Justice Department required both trash haulers to divest 87 commercial waste collection routes, nine landfills and 10 transfer stations, plus other assets.

On Monday, Republic Services said it has entered into an agreement to divest certain assets to Waste Connections Inc. of California.

Financial terms were not disclosed, but Republic Services said the assets that are being divested include six municipal solid waste landfills, six collection operations and three transfer stations across seven markets in California, Colorado, Texas, South Carolina, North Carolina and Michigan. Combined revenue of the assets being sold is roughly $110 million.

Republic Services is in talks with potential buyers of other assets that it is required to divest.

Republic Services said it would discuss the sale of the assets it is divesting during its quarterly earnings conference call on Feb. 27. Allied Waste is based in Phoenix.

Shares of Republic Services added 10 cents to close at $24.54.