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Swisher Hygiene Inc Sells Waste Collection Business To Progressive Waste Solutions Ltd's Subsidiary

Friday, 16 Nov 2012 07:30am EST 

Swisher Hygiene Inc announced that it has completed the sale of Choice Environmental Services subsidiary to Waste Services of Florida, Inc., a subsidiary of Progressive Waste Solutions Ltd., for approximately $123.3 million in cash. Under the terms of the agreement, the purchase price can be increased by up to $1.75 million upon achievement of a predetermined revenue target. In conjunction with the closing of the transaction, Swisher Hygiene will pay off Wells Fargo credit facility for $17.2 million, as well as equipment leases associated with the operations of Choice totaling $13.2 million and an outstanding note in the amount of $2 million. 

Company Quote

-0.03 -0.91%
11:30am EDT