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NATION/WORLD: WASTE DISPOSAL

Republic to Buy Waste Management Assets

September 29, 1998|Bloomberg News

Republic Services Inc. plans to pay $500 million for landfills and other assets that top waste-disposal company Waste Management Inc. agreed to sell as part of its purchase by USA Waste Services Inc. The move is expected to add $160 million in annual revenue and boost earnings for Fort Lauderdale, Fla.-based Republic Services, the fourth-largest U.S. waste company. A government consent decree required Waste Management to sell some assets so it could be bought by USA Waste for $24.9 billion in July. The Republic Services purchase follows its $1.32-billion initial stock sale two months ago, the biggest U.S. company share offering in two years. It also marks a full circle for H. Wayne Huizenga, chairman and chief executive of Republic Services and parent Republic Industries Inc., who co-founded Waste Management in 1971. The purchase includes 16 landfills, 11 transfer stations and 136 commercial collection routes across the U.S. Republic Services' shares rose 19 cents to close at $19.88, and Houston-based Waste Management shares fell 50 cents to $48.25. Both trade on the NYSE.

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