Stericyle stock rises as its purchase by Waste Management clears regulatory hurdles

By Steve Gelsi

Company's $7.2 billion deal with Waste Management OK'd by Federal Trade Commission

Medical-waste handler Stericycle Inc.'s stock was up 4.4% on Friday after the company said the Federal Trade Commission waiting period for its June 3 merger with Waste Management Inc. expired.

The deal for Stericycle (SRCL) also won antitrust clearance in the U.K. and Portugal.

Stericycle said it expects to complete the merger as early as the fourth quarter after it receives additional antitrust clearance in Canada and Spain.

Waste Management (WM) said in June it planned to pay $62 a share for Stericycle in a deal that values the Bannockburn, Ill.-based company at about $7.2 billion including debt.

Along with medical waste disposal, Stericycle also specializes in secure information destruction.

Stericycle was one of the more heavily-traded stocks in premarket action on Friday following its deal update disclosure after the closing bell on Thursday.

-Steve Gelsi

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09-06-24 0949ET

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