Bill Gates / Cascade Investment Purchases $164.7M of Republic Services (RSG) Stock

Executive Summary

On September 8, 2026, a Form 4 was filed reporting substantial open-market purchases of Republic Services, Inc. ($RSG) common stock by Cascade Investment, L.L.C. and William H. Gates III (10% Owners). Across September 3 and September 4, 2026, Cascade acquired 735,303 shares across multiple tranches for an aggregate purchase price of approximately $164.70 million at a volume-weighted average price of $223.99 per share.

Transaction Breakdown

• September 3, 2026:
  • 22,720 shares at a weighted average price of $222.81
  • 15,716 shares at a weighted average price of $223.58
  • 253,253 shares at a weighted average price of $224.90
  • 78,575 shares at a weighted average price of $225.35
• September 4, 2026:
  • 268,220 shares at a weighted average price of $222.92
  • 96,031 shares at a weighted average price of $223.81
  • 788 shares at a weighted average price of $224.47

Ownership Impact

Following these open-market acquisitions, total direct beneficial ownership increased to 115,756,830 shares, reinforcing Cascade Investment's position as the company's largest shareholder.

Significance & Market Sentiment

This represents a very high-conviction, large-scale open-market accumulation ($164.7M+ over two trading days) by the company's principal 10% owner. Large cash deployments of this magnitude by long-term institutional/entity owners typically reflect sustained confidence in the issuer's cash generation, market position, and capital return profile.