Stericycle completes divestiture of its Domestic Environmental Solutions business

Stericycle Inc., Bannockburn, Illinois, announced April 6 that it has completed the previously reported divestiture of its Domestic Environmental Solutions business, excluding the healthcare customer and unused consumer pharmaceutical take-back services, to Camp Hill, Pennsylvania-based Harsco Corporation for approximately $462.5 million in cash.

"The sale of the Domestic Environmental Solutions business is the sixth divestiture we have completed over the last 15 months and demonstrates important progress in our transformation as we focus on our core business, reduce debt, enhance our balance sheet flexibility, and drive long-term shareholder value,” Stericycle CEO Cindy Miller says.

Following the transaction, Stericycle will continue to offer solutions for unused consumer pharmaceutical take-back and provide hazardous waste services to healthcare customers as an integrated services provider. Stericycle has subcontracted with Harsco to perform hazardous waste services, including collection, transportation and disposal as necessary. The transaction will not impact the operations of Stericycle’s regulated medical waste and secure information destruction businesses. Stericycle intends to use net proceeds from the divestiture to pay down outstanding debt.

Stifel, St. Louis, acted as the financial advisor to Stericycle with respect to the transaction to sell the Domestic Environmental Solutions business and Latham & Watkins LLP, Los Angeles, acted as legal advisor. Bank of America Securities, New York, also provided financial advice to Stericycle.