Waste Management, Inc. (NYSE:WM) entered into an Agreement and Plan of Merger to acquire Stericycle, Inc. (NasdaqGS:SRCL) from a group of shareholders for $5.8 billion on June 3, 2024. Under the agreement, WM will acquire all outstanding shares of Stericycle for $62.00 per share in cash, representing a total enterprise value of approximately $7.2 billion when including approximately $1.4 billion of Stericycle?s net debt. The Merger Agreement provides that, in certain circumstances, Stericycle would be required to pay Waste Management, a termination fee of $175 million and Waste Management would be required to pay Stericycle, a termination fee of $262.5 million. The transaction is not subject to a financing condition. WM intends to finance the transaction using a combination of bank debt and senior notes.