Stericycle: Rises on $462.5 mln deal to sell unit

Stericycle

07/02/2020 13:23

** Waste management co's shares  SRCL.O  rise 3.2% to $67.77
premarket on sale of its domestic environmental solutions
business
    ** Industrial services provider Harsco  HSC.N  to buy unit
for $462.5 mln in cash  urn:newsml:reuters.com:*:nGNX54LQfC
    ** Deal includes SRCL unit's manufacturing and industrial
services and retail portion of the hazardous waste services
business
    ** SRCL has market value of $5.99 bln - Refinitiv
    ** Deal to be modestly accretive to HSC's cash EPS in first
partial year of ownership; Deal is expected to close by the end
of Q1 
    ** Harsco to finance deal with existing credit facility and
new debt financing 
    ** HSC shares have fallen ~33.7% this year, while SRCL
shares gained ~3% 

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Within U.S.+1 646 223 8780,
outside U.S. +91 80 6182 2681; Twitter: @s_qakhan ;))