Environmental service company Waste Management Inc. (WM) announced on Monday that it completed the acquisition of the American compliance company Stericycle, Inc. at a price of $62 per share, bringing the total value of the transaction to $7.2 billion.
According to the press release, Waste Management Inc. expects to combine its anticipated cost synergies of over $125 million with Stericycle's long-term business profile to enhance WM's operating earnings before interest, taxes, depreciation, and amortization (EBITDA) and cash flows.
"This acquisition provides a complementary business platform in medical waste, a sector with attractive near- and long-term growth dynamics, and in secure information destruction services to further our leading suite of comprehensive waste and environmental solutions," WM's President and CEO Jim Fish said.
