Waste Management buys Advanced Disposal Services for $3 billion
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.
Go deeper: Trash is a good sign for the economy