Waste Management is purchasing Advanced Disposal for nearly $5 billion. | rblfmr/Shutterstock
Waste Management’s largest acquisition to date has been approved by shareholders, paving the way for the company to purchase Advanced Disposal Services for $4.9 billion.
Advanced Disposal shareholders on June 28 voted to adopt the merger agreement proposed by Waste Management, the largest garbage and recycling company in North America. The acquisition was first announced in April.
The approval came despite multiple class-action lawsuits filed on behalf of Advanced investors, who said Advanced withheld information from them in an effort to build support for the merger.
As reported by Waste Dive, the plaintiffs agreed to drop the legal actions after Advanced supplied the additional information they requested, although the company maintained the disclosure was not required.
Advanced Disposal, headquartered in Ponte Vedra, Fla., is the fourth-largest garbage and recycling company in North America. Last year, the company brought in $18.1 million through its recycling business, making up about 1% of total company revenues. The company owns or operates 22 MRFs.
The merger is expected to close in early 2020.
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