SEATTLE (Recycling Monster): In the past year, the top public garbage businesses have spent around $11 billion on mergers and acquisitions. This includes a number of significant agreements from top companies like Casella Waste Systems, Republic Services, Waste Connections, and GFL Environmental. The $4.2 billion spent on M&A in 2023 was much less than the $4.2 billion spent in 2024.

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In Q4 of last year, WM spent $7.2 billion on Stericycle, bringing its total spending to $7.5 billion. Next on the list was Waste Connections, with $2.12 billion in annual M&A activity. In 2024, GFL Environmental spent $450.87 million on acquisitions, while Casella Waste Systems spent $469.2 million. During the preceding year, Republic Services spent $358 million on M&A.

In 2025, WM anticipates spending $100–200 million on solid waste purchases. Republic Services anticipates spending up to $1 billion this year. During the second quarter of 2025, Waste Connections is anticipated to close acquisitions totaling more than $75 million in annualized revenue, or has already done so. In 2025, GFL anticipates investing between $500 million and $1 billion on M&A. In the meantime, Casella Waste Systems has already finished purchasing three companies this year.