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On January 7, 2025, GFL Environmental Inc. (NYSE: GFL, TSX: GFL) announced the sale of its Environmental Services business to Apollo and BC Partners for an enterprise value of $8 billion. The transaction officially closed on March 3, 2025. GFL retained a 44% equity interest in the divested business, valued at approximately $1.7 billion, and received about $6.2 billion in cash proceeds.
The company plans to use up to $3.75 billion of the net proceeds to repay existing debt, with up to $2.25 billion allocated for share repurchases, subject to market conditions. The remaining funds will be used to cover transaction fees and general corporate purposes.
Legal advisors on the deal included Latham & Watkins LLP and Stikeman Elliott LLP for GFL, Sidley Austin LLP for Apollo, Kirkland & Ellis LLP for BC Partners, and Osler, Hoskin & Harcourt LLP for Canadian counsel.
This transaction marks a strategic move to streamline its operations while retaining a significant interest in the Environmental Services segment through its equity stake. The sale enhances GFL’s financial flexibility and supports its long-term capital allocation strategy.
Parties
Company
GFL Environmental Inc.
Company
Apollo
Company
BC Partners
Deal Type
Merger & AcquisitionIndustry
InfrastructureTransaction
$ 8,000,000,000Deal Status
ClosedClosing Date
03 March 2025