Advanced Disposal Services Enters into Amendment to Purchase Agreement

Strategic Insights -

Advanced Disposal Services, Inc., a Delaware corporation, has entered into Amendment No. 1 to the Securities and Asset Purchase Agreement with GFL Holdco (US), LLC, a Delaware limited liability company, and other parties related to the previously announced merger between Advanced Disposal and Waste Management, Inc. The amendment modifies the terms of the purchase agreement to include the acquisition of additional assets from Advanced Disposal and Waste Management by GFL, increasing the aggregate purchase price from $835,000,000 to $863,500,000. The amendment contains customary representations, warranties, and covenants with respect to the additional assets.

The merger between Advanced Disposal and Waste Management is expected to close by the end of the third quarter of 2020, subject to customary closing conditions, including the receipt of DOJ approval. The amendment is part of the transactions contemplated by the Merger Agreement between Advanced Disposal, Waste Management, and other parties.

The transaction is subject to customary closing conditions and the receipt of DOJ approval. The closing of the transactions contemplated by the Merger Agreement is also contingent on the satisfaction of customary closing conditions, including the approval of the Merger Agreement by a majority of the holders of Advanced Disposal's outstanding common shares.

Key Takeaways:

  • Advanced Disposal has entered into Amendment No. 1 to the Securities and Asset Purchase Agreement with GFL Holdco (US), LLC.
  • The amendment includes the acquisition of additional assets from Advanced Disposal and Waste Management by GFL, increasing the aggregate purchase price from $835,000,000 to $863,500,000.
  • The merger between Advanced Disposal and Waste Management is expected to close by the end of the third quarter of 2020, subject to customary closing conditions, including the receipt of DOJ approval.
  • The amendment is part of the transactions contemplated by the Merger Agreement between Advanced Disposal, Waste Management, and other parties.
  • Consummation of the GFL Divestiture Transaction is subject to customary closing conditions, including the closing of the transactions contemplated by the Merger Agreement.
  • The transactions contemplated by the Merger Agreement are expected to close by the end of the third quarter of 2020, subject to customary closing conditions, including the DOJ Approval and approval of the Merger Agreement by a majority of the holders of the Company's outstanding common shares.

Statistics:

  • Aggregate purchase price increased from $835,000,000 to $863,500,000.
  • Additional assets to be acquired by GFL from Advanced Disposal and Waste Management.
  • Merger between Advanced Disposal and Waste Management expected to close by the end of the third quarter of 2020.
  • Transactions contemplated by the Merger Agreement subject to customary closing conditions, including DOJ approval and approval of the Merger Agreement by a majority of the holders of the Company's outstanding common shares.

Sources:

  • (EDGAR Online via COMTEX) -- 0001585790 false 0001585790 2020-07-29 2020-07-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares