3. BUSINESS ACQUISITIONS OIT On March 15, 2019 the Company entered into a definitive asset purchase agreement with OIT, an environmental services provider including services related to thermal treatment of non-hazardous petroleum contaminated soils, absorbent pads and sludges, and the treatment of Per- and Polyfluoroalkyl substances. The transaction closed on April 26, 2019. The Company purchased the assets and business of OIT for an initial adjusted cash purchase price of $5.8 million paid at closing, plus an additional $2.0 million deferred consideration payable in cash, Company Common Stock or a combination of the two, and up to an additional $5.0 million in earn-out payments payable in cash, Company Common Stock or a combination of the two over the next three years based on certain financial milestones. The fair value of this earn out consideration is included in Contingent Consideration, net of current portion in the Consolidated Balance Sheets. Goodwill related to OIT is expected to be deductible for tax purposes. The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed for the OIT acquisition (in thousands): Accounts receivable $ 110 Property, plant and equipment 1,145 Intangible assets 10,009 Goodwill 1,184 Accounts payable and accrued expenses (181 ) Deferred consideration (1,915 ) Contingent consideration (4,547 ) Cash purchase price, net of cash acquired $ 5,805 For the nine months ended September 30, 2019, the Company recorded $0.5 million in transaction costs related to the acquisition of OIT, which are recorded in Acquisition Expense in the Consolidated Statements of Operations and Comprehensive Loss. Clean Line On March 28, 2018, the Company and Clean Line entered into an agreement for the sale and purchase of the entire issued share capital of Clean Line for approximately $5.0 million, net of cash acquired, and exclusive of deferred consideration and a potential $3.9 million (3.0 million) in earn out consideration, discussed below. Clean Line is a leading provider of environmental, industrial and emergency response services in the United Kingdom. Clean Line is headquartered in Liverpool, England. Goodwill related to Clean Line is not deductible for tax purposes. The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed for the Clean Line acquisition (in thousands): Trade receivable $ 1,590 Other current assets 188 Property and equipment 1,908 Intangible assets 1,104 Goodwill 1,865 Accounts payable and accrued expenses (1,147 ) Contingent liability (507 ) Cash purchase price, net of cash acquired $ 5,001 For the nine months ended September 30, 2018, the Company recorded $1.1 million in transaction costs related to the acquisition of Clean Line, which are recorded in Acquisition Expense in the Consolidated Statements of Operations and Comprehensive Loss. SWS Acquisition On May 14, 2018, the Company acquired Progressive Environmental Services, Inc. ("SWS") in exchange for approximately $21.8 million, net of cash acquired. SWS, headquartered in Fort Worth, Texas, expands the Company's environmental services geographic coverage to 20 locations in eight states throughout the Southeast, Gulf Coast and Midwest of the United States. As a result of the Company's acquisition of SWS, a temporary difference between the book fair value and tax basis for the assets acquired was created, resulting in a deferred tax liability and additional goodwill. With the increase in deferred tax liability, the Company reduced the deferred tax asset valuation account and recognized a $1.2 million deferred tax benefit during the nine months ended September 30, 2018. The following table summarizes the final allocation of the purchase price to the assets acquired and liabilities assumed for the SWS acquisition (in thousands): Accounts receivable $ 12,942 Other current assets 545 Property, plant and equipment 7,037 Deposits 362 Bid bonds 565 Intangible assets 2,879 Goodwill 4,899 Accounts payable and accrued expenses (6,176 ) Deferred tax liability (1,237 ) Cash purchase price, net of cash acquired $ 21,816 For the nine months ended September 30, 2018, the Company recorded $1.5 million in transaction costs related to the acquisition of SWS, which are recorded in Acquisition Expense in the Consolidated Statements of Operations and Comprehensive Loss.