Waste Management has completed its acquisition of all outstanding shares of Advanced Disposal, following the receipt of required regulatory approvals. The previously announced purchase price of $30.30 per share in cash represents a total enterprise value of $4.6 billion when including approximately $1.8 billion of Advanced Disposal’s net debt. Advanced Disposal stock will no longer be traded on the NYSE.
This acquisition grows Waste Management’s footprint and allows the company to deliver unparalleled access to differentiated, sustainable waste management and recycling services to approximately 3 million new commercial, industrial and residential customers primarily located in 16 states in the eastern half of the U.S.
Immediately following the completion of the Advanced Disposal acquisition, Waste Management and Advanced Disposal completed the sale to GFL Environmental of all of the assets required by the U.S. Department of Justice to be divested in connection with the Advanced Disposal acquisition.
Waste Management funded the transaction using a combination of credit facilities and commercial paper. Waste Management expects to maintain a strong balance sheet and solid investment-grade credit profile with leverage ratios well within the financial covenants of its credit facilities.
Published in the January 2021 Edition
