Cascade Investment & Bill Gates Increase Stake in Republic Services to 37.9%

Executive Summary

On September 9, 2026, Cascade Investment, L.L.C. and William H. Gates III filed Amendment No. 29 to Schedule 13D, disclosing substantial open-market purchases of Republic Services, Inc. ($RSG) Common Stock.

Key Transaction Details

• Purchaser: Cascade Investment, L.L.C. (beneficially owned by William H. Gates III as sole member)
• Shares Acquired: 3,762,705 shares
• Execution Period: August 20, 2026 – September 8, 2026
• Price Range: Prices ranged from ~$218.86 to ~$225.75 per share, representing an estimated total investment in excess of $830 million.
• Aggregate Ownership After Transactions: 116,166,330 shares
• Ownership Percentage: 37.9% based on 306,212,978 shares outstanding as of July 30, 2026.

Market & Strategic Implications

• High Trading Significance: The continued multi-million-share accumulation underscores long-term high-conviction institutional backing from Cascade Investment.
• Control & Voting Power: Cascade maintains sole voting and dispositive power over 37.9% of the outstanding common stock, consolidating its position as the largest single shareholder.