SEATTLE (Recycling Monster): Urbaser, a company based in Madrid, has declared its intention to purchase Stericycle's Portuguese and Spanish businesses. The transaction's financial terms were not made public.

WM is expected to acquire Stericycle. In Q4 of this year, the purchase is anticipated to close, pending a Canadian antitrust assessment. It's unclear how the new agreement will impact WM's recently announced acquisition of Stericycle. WM and Stericycle both declined to comment on the acquisition agreement for Urbaser.

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Through the inclusion of biomedical waste services, the acquisition will assist Urbaser in broadening the scope of its offerings in the area beyond the collection and treatment of industrial waste. 32,000 tons of medical waste were handled by Stericycle in Spain and Portugal last year, according to estimates. In the next years, Urbaser hopes to extend these services to a sizable number of clinics, hospitals, and labs.

Authorities from Spain and Portugal have already approved the Urbaser acquisition based on antitrust laws. The deal has also received foreign direct investment (FDI) approval from Spain, a company news release said.

Stericycle's primary markets are the United States and Canada. However, about 15% of its total revenue comes from its European activities, which are primarily in Spain, Portugal, France, Germany, the United Kingdom, Belgium, Luxembourg, and the Netherlands.