NEW YORK (S&P Global Ratings) April 16, 2019--S&P Global Ratings today said that Waste Management Inc. (A-/Stable/A-2) has agreed to acquire Advanced Disposal Services Inc. (ADS; BB-/Stable/--) for $4.9 billion. We believe that the acquisition will provide the company with complementary assets and expand its customer base. ADS, which has annual revenue of over $1.5 billion and EBITDA of about $400 million, provides solid waste collection services. Specifically, the company offers non-hazardous solid waste collection, transfer, recycling, and disposal. The proposed acquisition would modestly improve Waste Management's business by increasing its scale and the scope of its operations while providing opportunities for cost and capital expenditure synergies. While the proposed acquisition will moderately increase Waste Management's leverage, we anticipate its
