U.S.-based non hazardous recycling and solid waste handling firm Republic Services, Inc. and Calgary-based Tervita Corp. announced this month that they have entered into a definitive agreement in which a Republic subsidiary will acquire a Tervita subsidiary for roughly $485 million.

Tervita LLC is a leading pure-play environmental waste solutions provider serving oil and natural gas producers in the Bakken and other shale plays throughout the country. Republic Services will acquire Tervita LLC. The deal should close in the first quarter of 2015.

In its investor presentation, Republic Services touted what it characterized as the attractive long-term potential of the exploration and production oilfield waste market. Republic values the oilfield waste industry sector at $14 billion and estimates that the Tervita acquisition will give it an annual growth of roughly 6-12%. Nearly 85% of the assets and operations currently owned by Tervita are within U.S. shale plays. The Bakken currently represents the largest revenue generation shale play for Tervita at 34%, according to Republic.