Waste Management to Acquire Stericycle for $5.8 Billion
By Dean Seal
Waste Management has agreed to acquire the medical-waste-disposal company Stericycle in a $7.2 billion deal that includes $1.4 billion in debt, confirming an earlier report by The Wall Street Journal.
The Houston-based Waste Management said Monday that it would acquire all outstanding Stericycle shares for $62 apiece, marking a 20% premium to their closing price on Friday, and representing an equity value of about $5.8 billion
Stericycle shares rose 10% to $56.87 before trading was halted.
The Wall Street Journal reported on Sunday that the two companies were in talks for a deal that would give Waste Management a deeper foothold in the medical-waste-disposal sector that saw an upswing in demand during the pandemic.
The transaction has been approved by the boards of both companies and is expected to close as early as the fourth quarter, subject to approval by regulators and Stericycle's shareholders.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 03, 2024 07:47 ET (11:47 GMT)
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