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Republic Services completed the acquisition of US Ecology on May 2, 2022, for $2.2 billion, including debt. The deal, priced at $48 per share, is expected to generate $75 million to $100 million in cross-selling revenue opportunities and $40 million in cost synergies within three years. This acquisition aims to enhance Republic's environmental solutions across the U.S. and Canada, providing a more integrated service portfolio for customers. Republic plans to maintain a strong balance sheet, returning net debt-to-EBITDA below 3x in 18 months.
Republic Services (NYSE: RSG) and US Ecology (NASDAQ-GS: ECOL) announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period for their proposed acquisition on March 30, 2022. With the waiting period concluded, the transaction is expected to close in the second quarter of 2022, pending US Ecology's stockholder approval and fulfillment of remaining closing conditions. This acquisition signifies Republic Services' commitment to expanding its environmental services footprint and enhancing its service offerings.
US Ecology reported its fourth-quarter and full-year 2021 results with total revenue increasing by 8% to $261.4 million. The Waste Solutions Base Business grew by 9%, while the Event Business rebounded with a 15% increase. Although the Field Services segment saw a 4% decline due to challenging comparisons, the Energy Waste segment’s revenue more than doubled to $12.2 million. Net income rose to $3.6 million, with adjusted EBITDA at $42.1 million. The company announced its acquisition by Republic Services for $48 per share, with a total enterprise value of approximately $2.2 billion, expected to close by Q2 2022.
Republic Services will acquire US Ecology for $48 per share, totaling approximately $2.2 billion. This acquisition aims to enhance Republic's environmental solutions, providing a broader range of services across hazardous and non-hazardous waste management. The deal is expected to generate $40 million in cost synergies within three years and will be financially accretive, enhancing adjusted earnings and cash flow. The transaction, approved by both companies’ boards, is anticipated to close by the end of Q2 2022, subject to regulatory approvals.
US Ecology reported third-quarter results for 2021, showing total revenue of $257.2 million, an 8% increase year-over-year. The Waste Solutions Base Business grew 11%, while the Event Business declined 18%. Net income was $6.7 million, or $0.21 per diluted share. Adjusted EBITDA remained steady at $45.4 million. The company anticipates 2021 revenue to be between $960 million and $990 million, though adjusted EBITDA guidance was revised down. Challenges include supply chain issues and labor constraints affecting growth.
US Ecology announced its third-quarter financial results for 2021, set to be released on November 5, before market open. A conference call will follow at 11:00 a.m. Eastern Time, allowing investors to engage with management. Additionally, US Ecology will participate in key investor events, including the Baird Global Industrial Conference on November 10-11 and the BMO Growth & ESG Conference on December 8. More details and supporting materials will be available on their investor relations website.
US Ecology reported second-quarter 2021 results highlighting a 13% increase in total revenue to $240.8 million compared to the previous year. The Waste Solutions Base Business grew by 7%, while the Event Business saw a 13% decline due to project deferments. Field Services revenue surged 20% driven by increased activity. However, adjusted EBITDA fell to $34.2 million from $38.7 million. The company revised its full-year guidance, now expecting revenue between $940 million and $990 million and adjusted EBITDA between $165 million and $175 million.
US Ecology, Inc. (NASDAQ: ECOL) announced its upcoming financial results release for Q2 2021, scheduled for July 29, 2021. A conference call to discuss these results will take place on July 30, 2021, at 11:00 a.m. ET. The company is also participating in two investor conferences in Q3: the Raymond James Diversified Industrials Conference on August 24 and the D.A. Davidson Diversified Industrial Conference on September 22. Management encourages participation in the conference call and will provide audio replay access until August 6, 2021.
US Ecology, Inc. (NASDAQ-GS: ECOL) announced an amendment to its credit agreement, extending the maturity date of its $500 million revolving credit facility to June 29, 2026. The CFO, Eric Gerratt, emphasized the amendment’s role in enhancing financial flexibility, allowing the company to fund growth initiatives and strategic acquisitions. The agreement also modifies the net leverage covenant, temporarily raising it to 5.25x as of June 30, 2021, and gradually reducing it to 4.50x by December 31, 2022.
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