Waste Management is nearing a deal to buy medical waste disposal company Stericycle for roughly $7 billion, including debt, the Wall Street Journal reported on Sunday.
The acquisition of Bannockburn, Illinois-based Stericycle which has more than $1 billion of debt, could be announced as soon as Monday, the report added, citing people familiar with the matter.
Bloomberg reported last month that Stericycle was exploring a potential sale after receiving takeover interest, sending its shares up by more than 13%.
Stericycle and Waste Management did not immediately respond to Reuters’ requests for comment on the report.
Stericycle helps local clinics, surgery centers and hospitals dispose of their biohazardous and pharmaceutical waste while Houston, Texas-based Waste Management is one of the largest U.S. trash and recycling collection companies.
Source: Reuters.com