On June 3, 2024, Waste Management, Inc. (NYSE: WM) announced its agreement to acquire Stericycle (NASDAQ: SRCL) for C$80.60 (US$62.00) per share in cash, valuing Stericycle at approximately C$9.36 billion (US$7.2 billion), including C$1.82 billion (US$1.4 billion) of net debt. The per-share price represented a 24% premium to Stericycle’s 60-day average price as of May 23, 2024.

Stericycle, a leading provider of regulated medical waste, compliance services, and secure information destruction, operated extensively in Canada. WM's CEO, Jim Fish, emphasized that this acquisition would expand WM’s environmental service offerings, particularly in the medical waste sector. The transaction was expected to generate over C$162.5 million (US$125 million) in annual synergies and be accretive to WM’s earnings and cash flows within a year.

Stericycle’s CEO, Cindy J. Miller, stated that the deal would unlock significant value for shareholders and offer diversified services to customers. The acquisition, approved by both companies' boards, was expected to close in the fourth quarter of 2024, pending regulatory and shareholder approvals.

WM, based in Houston, Texas, is North America's leading provider of comprehensive environmental solutions and operated extensively in Canada, offering collection, recycling, and disposal services. Stericycle also served Canadian customers with regulated waste and compliance services.

Centerview Partners LLC served as WM's exclusive financial advisor, with Vinson & Elkins L.L.P. and Baker Botts L.L.P. as legal counsel. BofA Securities served as Stericycle’s exclusive financial advisor, with Latham & Watkins LLP as legal counsel.