Shareholders of Republic Services Inc. and Allied Waste Industries Inc. on Friday approved a merger creating the second-largest U.S. trash-hauling company.
Shareholders approved Republic Services’ purchase of Allied Waste in an all-stock deal that was valued at $6.07 billion when it was announced in June. It’s now worth about $5 billion due to the steep decline in share values.
The combination of the two companies will create a $9.24 billion rival to industry leader Waste Management Inc., which reported revenue of $13.31 billion in 2007.
The U.S. Department of Justice must still approve the deal, which is expected to close in the fourth quarter. A spokeswoman for the Department of Justice said that the agency is still investigating.
Republic Services employs 1,500 workers in Southern Nevada. It provides trash collection for Clark County and the cities of Las Vegas, North Las Vegas and Henderson.
The new company will be called Republic Services Inc. with headquarters in Phoenix.
Shares of Republic Services fell $1.05, or 4.1 percent, to $24.70 in Friday trading. Allied declined 40 cents, or 3.5 percent, to $10.93.