M&A · Industrials · Hazardous Waste Management
Waste Management Inc to acquire Stericycle Inc
Announced Jun 3, 2024 · Closed Nov 4, 2024
Deal value$7.20BEV $7.20B
Premium39.0%To unaffected price
EV / Adj. EBITDA22.0x2.7x EV / Revenue
ConsiderationAll cash$62.00 per share
Transaction
- Acquirer
- Waste Management Inc (WM)
- Target
- Stericycle Inc (SRCL)
- Buyer type
- Strategic
- Offer price per share
- $62.00
- Enterprise value
- $7.20B
- Status
- Closed Nov 4, 2024
Deal protections
- Break fee (target pays)
- $175M · 2.4%
- Reverse fee (buyer pays)
- $263M · 3.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Centerview
- To the target
- BofA Securities
- BofA Securities fee
- $45.0M
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- 39.0% vs. 40.0% sector median
- EV / Adj. EBITDA
- 22.0x vs. 9.6x sector median
- Break fee
- 2.4% vs. 2.8% sector median
Timeline
- AnnouncedJun 3, 2024
- Proxy filedJun 21, 2024
- Definitive proxyJul 10, 2024
- Shareholder voteAug 14, 2024
- ClosedNov 4, 2024
Valuation · fairness opinions
Sum of the parts$40.50$50.75
Trading comparables$43.75$59.00
Trading comparables$49.50$61.25
Trading comparables$48.00$64.00
Precedent transactions$35.00$57.50
Offer $62.00
Implied value per Stericycle Inc share by analysis, from BofA Securities · DCF discount rate 8.5%–10%.