AP News

News Summary: Clean Harbors buying Safety-Kleen

NORWELL, Mass. (AP) — THE TRANSACTION: Clean Harbors Inc. is buying Safety-Kleen Inc. for $1.25 billion in cash as it looks to enter smaller markets and expand its waste treatment capabilities. Clean Harbors also said that it will be better able to capitalize on increasing demand for recycled products.

Clean Harbors had a relationship with Safety-Kleen prior to the deal, having purchased its chemical services unit 10 years ago.

The acquisition is targeted to close by year's end. It still needs approval from U.S. and Canadian regulators.

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