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Acquisitions | 6 Months Ended
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Jun. 30, 2020
Acquisitions |
Acquisitions | 8. Acquisitions Pending Acquisition Advanced Disposal — On April 14, 2019, we entered into an Agreement and Plan of Merger to acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash, representing a total enterprise value at the time of $4.9 billion when including approximately $1.9 billion of Advanced Disposal’s net debt. On June 24, 2020, we entered into an amendment to the Agreement and Plan of Merger (as amended, the “Merger Agreement”), pursuant to which a subsidiary of WM will acquire all outstanding shares of Advanced Disposal for $30.30 per share in cash, representing a total enterprise value of $4.6 billion when including approximately $1.8 billion of Advanced Disposal’s net debt. Advanced Disposal’s solid waste network includes 95 collection operations, 73 transfer stations, 41 owned or operated landfills and 22 owned or operated recycling facilities. We currently expect the acquisition to close by the end of the third quarter of 2020. The Merger Agreement provides that the Company and Advanced Disposal will have a mutual right to terminate the Merger Agreement after September 30, 2020 if the closing has not occurred, and that date will automatically extend to November 30, 2020 under certain circumstances. ​ On June 24, 2020, we also announced that we and Advanced Disposal have entered into an agreement, whereby GFL Environmental will acquire a combination of assets from us and Advanced Disposal for $835 million to address substantially all of the divestitures expected to be required by the U.S. Department of Justice in connection with the Advanced Disposal acquisition. As with the Advanced Disposal acquisition, the sale of assets to GFL Environmental remains subject to clearance from the U.S. Department of Justice and is also conditioned on the closing of our acquisition of Advanced Disposal. ​ 2019 Acquisition Petro Waste Environmental LP (“Petro Waste”) — On March 8, 2019, Waste Management Energy Services Holdings, LLC, an indirect wholly-owned subsidiary of WM, acquired Petro Waste. The acquired business provides comprehensive oilfield environmental services and solid waste disposal facilities in the Permian Basin and the Eagle Ford Shale. The acquisition has expanded our offerings and enhanced the quality of solid waste disposal services for oil and gas exploration and production operations in Texas. Our purchase price was primarily allocated to seven landfills, which are included in our property and equipment. The acquisition was funded with borrowings under our commercial paper program and the acquisition accounting for this transaction was finalized in 2019. The operating results of the acquired business did not have a material impact to our consolidated financial statements for the periods presented herein. Given the significant change in energy market dynamics from the time of the acquisition, we have seen a decline in the fair value of certain of these assets from the time of acquisition. The impairment recognized during the three months ended June 30, 2020 is discussed further in Note 9.

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