WM acquires Stericycle for $7.2B ($62/share); expects >$125M annual synergies

WASTE MANAGEMENT INC

All-cash deal at $62.00 per share; enterprise value ~$7.2B including $1.4B net debt.
24% premium to Stericycle's 60-day VWAP as of May 23, 2024, prior to sale speculation.
Expected annual run-rate synergies >$125M from WM's logistics, technology, and disposal network.
Accretive to WM's earnings and cash flow within one year; target leverage 2.75-3.0x 18 months post-close.
Boards unanimously approved; anticipated close in Q4 2024, subject to regulatory and shareholder approvals.

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