Business
Badger Signs Definitive Agreement to be Acquired by Clean Harbors, Inc.
Jan. 26, 2011 (Filing Services Canada) -- Badger Daylighting Ltd. (BAD - TSX), is pleased to an...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\nBadger Signs Definitive Agreement to be Acquired by Clean Harbors, Inc.\n\n\n Jan. 26, 2011 (Filing Services Canada) -- Badger Daylighting Ltd. (BAD - TSX), is pleased to announce that it has signed a definitive agreement to be acquired by Clean Harbors, Inc. (\"Clean Harbors\") (NYSE: CLH), the leading provider of environmental and energy and industrial services throughout North America.  Under the terms of the agreement, Clean Harbors will acquire 100% of Badger's outstanding common shares for cash consideration of $20.50 per share (the \"Transaction\").  The total consideration is approximately $247 million, including the assumption of approximately $25 million in net debt.  Tor Wilson, Badger's President and Chief Executive Officer, said, \"We believe that this transaction provides fair value for Badger's business while providing full liquidity to all shareholders.  Clean Harbors has the ability to greatly expand Badger's presence in the US market through its extensive market knowledge and contacts.\" \"The acquisition of Badger Daylighting affords us an opportunity to significantly expand our Energy and Industrial Services business across the U.S. and Canada, while adding a recognized innovator in the Hydrovac field,\" said Alan S. McKim, Clean Harbors' Chairman and Chief Executive Officer.  \"Badger services a client base of more than 5,000 customers, which will provide Clean Harbors with substantial cross-selling opportunities.  From a geographic perspective, this transaction aligns well with our existing footprint, as Badger serves key markets, particularly across Western Canada.\"\"Badger has established an outstanding reputation in the markets it serves and presents a compelling value proposition for customers,\" McKim said.  \"Its Hydrovac system is based on custom-built equipment that ensures safety, productivity and all-season versatility.  We are confident that Badger will be a strong addition to our broad array of current service offerings and that Clean Harbors will leverage its sales and marketing strength to accelerate Badger's growth throughout the U.S., which currently accounts for 40% of Badger's revenues.\"McKim concluded, \"Given our acquisition expertise and integration capabilities, we are confident that we can quickly and ...