WM to acquire Stericycle for $62/share, ~$7.2B enterprise value

WASTE MANAGEMENT INC

Total enterprise value of ~$7.2B includes $1.4B of Stericycle's net debt; $62/share cash represents 24% premium to 60-day VWAP.
Expected annual run-rate synergies >$125M driven by logistics, tech optimization, and disposal network.
Transaction accretive to WM earnings and cash flow within 1 year; leverage target 2.75x-3.0x net debt/EBITDA within 18 months.
Closing expected as early as Q4 2024, subject to regulatory approvals and Stericycle stockholder vote.
Termination fees: Stericycle pays $175M in certain circumstances; WM pays $262.5M if regulatory conditions not met.

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