Dive Summary:
- Progressive Waste Solutions has purchased Choice Environmental Services from Swisher Hygiene for $123.3 million.
- The deal increases Progressive's Florida footprint. Choice currently serves 150,000 residential and 7,500 commercial customers in the state.
- Financially troubled, Swisher Hygenie has recently appointed a new CEO and CFO in the wake of financial reporting issues.
- More information about the deal can be found in Progressive's press release.
From the article:
Waste-management firm Progressive Waste Solutions Ltd. (BIN, BIN.T) acquired Choice Environmental Services Inc. from Swisher Hygiene Inc. (SWSH, SWI.T) for $123.3 million, giving Progressive greater exposure to the Florida market.
Swisher's shares jumped 8.7% premarket to $1.25, while Progressive's were unchanged at $18.42.
Swisher purchased Choice, a solid waste services company based in Fort Lauderdale, Fla., in March of last year. Progressive said Choice is one of the largest independent waste and recycling service providers in Florida.
