WM, Stericycle receive merger approval in Canada

Medical waste company Stericycle has informed its investors that a final regulatory hurdle pertaining to its acquisition by Houston-based WM has been cleared.

In a document filed with the U.S. Securities and Exchange Commission (SEC), Stericycle states, “On Oct. 30, 2024, the company and parent received requisite approval for the closing of the merger from the Competition Bureau of Canada pursuant to the Canadian Competition Act.

“Accordingly, all conditions to closing with respect to antitrust and foreign direct investment laws have been satisfied in accordance with the terms and conditions of the merger agreement. Subject to the satisfaction of the remaining conditions to closing, [all parties] expect to complete the merger on Nov. 4, 2024.”

Waste and recycling firm WM announced its intended acquisition of Stericycle this June, with WM CEO Jim Fish stating at the time, “The acquisition of Stericycle [broadens] the scope of our service offerings, bringing together the leader in solid waste and a premier company in regulated medical waste services.”

In Stericycle’s final financial report, for the third quarter, the firm lost $13.7 million in its final quarter as an independent company. In last year’s third quarter, Stericycle had a net income of $2.1 million.

“We continue to experience revenue challenges among certain national account customers, including changes in frequency and type of service and site consolidations in North America,” Stericycle says in comments accompanying its 2024 third quarter SEC filing.

“Further, hurricanes Helene and Milton resulted in devastation throughout the southeastern U.S., impacting a number of our customers and the communities they serve. While our facilities suffered minimal damage and became fully operational shortly after the storms, we are still assessing the full impact to our customers."