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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advanced Disposal Services Inc | NYSE:ADSW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.30 | 0 | 01:00:00 |
By Allison Prang
Waste Management Inc. is buying competitor Advanced Disposal Services Inc. for around $2.9 billion in cash.
The companies said the offer of $33.15 a share comes out to a premium for Advanced Disposal shareholders of 22.1% based on the company's closing price Friday. Shares most recently closed at $27.14 a share.
The Wall Street Journal reported over the weekend that the companies were nearing a deal and that it could be announced Monday.
The companies said the enterprise value of the deal is $4.9 billion. That includes about $1.9 billion of net debt from Advanced Disposal, they said.
The deal is expected to be immediately accretive to both Waste Management's cash flow and adjusted earnings, the companies said.
Advanced Disposal, based in Ponte Vedra, Fla., had $1.56 billion in revenue in 2018. The company works in the eastern part of the U.S., mainly in 16 states.
The companies said the deal is expected to close by the first quarter of 2020.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 15, 2019 06:48 ET (10:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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