Waste Management agreed to buy Florida-based rival Advanced Disposal Services for around $3 billion in cash, or $33.15 per share. It represents a 22% premium to Friday's closing price, and the deal value climbs to $4.9 billion once debt is included.
Why it matters: It's Waste Management's largest-ever acquisition, uniting the country's number one and number four solid waste management companies. The move comes just days after both companies were downgraded by Stifel, in light of deeper-than-expected deterioration in the recycling industry.
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