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GFL Environmental Inc. Announces Direct Share Buyback of 17,050,298 Subordinate Voting Shares from BC Partners and Intention to Repurchase up to 7,056,027 Subordinate Voting Shares in Secondary Offering
Prnewswire· 2025-03-25 20:53
Core Viewpoint - GFL Environmental Inc. has announced significant share repurchase transactions, including the purchase of over 17 million subordinate voting shares from BC Partners and an agreement to buy up to 7 million shares from RBC Dominion Securities, as part of a strategy to utilize proceeds from the sale of its Environmental Services business [1][2][3]. Share Repurchase Transaction - The company purchased 17,050,298 subordinate voting shares at a net price of US$46.92 per share, which is approximately 3.5% lower than the closing price on March 25, 2025 [1]. - The Selling Shareholder will retain about 20.5% of the issued subordinate voting shares after the transaction, equating to approximately 14.8% of the voting power [4]. Secondary Offering Transaction - GFL has agreed to purchase up to 7,056,027 subordinate voting shares from RBC Dominion Securities as part of a secondary offering of 15,739,769 shares [2]. - This secondary offering involves multiple stakeholders, including the Ontario Teachers' Pension Plan Board and HPS Investment Partners [2]. Financial Strategy - The transactions align with GFL's plan to use around $2.25 billion from the sale of its Environmental Services business to repurchase shares opportunistically, depending on market conditions [3]. - The company received exemptive relief from the Ontario Securities Commission, allowing it to repurchase up to 50% of shares offered in any secondary offering over the next 12 months, with a maximum of 38,157,045 shares [5]. Governance and Advisory - The board of directors unanimously approved the transactions based on a recommendation from a special committee of independent directors [4]. - Canaccord Genuity Corp was retained as a financial advisor for these transactions [4]. Company Overview - GFL Environmental Inc. is the fourth largest diversified environmental services company in North America, providing solid waste management services across Canada and 18 U.S. states, with a workforce exceeding 15,000 employees [6].
GFL Environmental Inc. Obtains Exemptive Relief from Issuer Bid Requirements
Prnewswire· 2025-03-14 21:00
Core Viewpoint - GFL Environmental Inc. has received exemptive relief from the Ontario Securities Commission, allowing the company to repurchase subordinate voting shares from underwriters in Ontario as part of a secondary offering [1][3]. Group 1: Share Repurchase Details - GFL plans to use approximately $2.25 billion from the sale of its Environmental Services business to repurchase shares, depending on market conditions [2]. - The Order allows GFL to purchase up to 50% of the shares initially offered for resale in any secondary offering over the next 12 months, with a maximum of 38,157,045 shares, which is 10% of its current issued and outstanding shares [3]. - A special committee of independent directors will oversee the share repurchases to ensure they are in the best interests of the company, and all purchases will occur at a discount to the closing price on the date of the offering announcement [3]. Group 2: Company Overview - GFL Environmental Inc. is headquartered in Vaughan, Ontario, and is the fourth largest diversified environmental services company in North America, providing solid waste management services across Canada and in 18 U.S. states [5]. - The company employs over 15,000 individuals across its operations [5].
BGL Announces the Sale of GFL's Environmental Services Business Valued at $8 Billion
Prnewswire· 2025-03-03 20:07
Core Insights - GFL Environmental Inc. has sold its Environmental Services business to Apollo Funds and BC Partners for an enterprise value of $8 billion, allowing GFL to pursue organic growth and solid waste M&A opportunities [1][3][4] Company Overview - GFL is the fourth-largest diversified environmental services company in North America, providing solid waste management services across Canada and more than half of the U.S. states, with a workforce of over 15,000 employees [5] Financial Implications - GFL plans to use the proceeds from the sale to repay debt, with up to $2.25 billion allocated for share repurchases, subject to market conditions, and the remainder for transaction fees and general corporate purposes [6] - The transaction enables GFL to accelerate its balance sheet deleveraging towards investment grade levels and return capital to shareholders through share repurchases and future dividend increases [6] Equity Interests - Following the transaction, GFL will retain a 44% equity interest in the Environmental Services business, while Apollo Funds and BC Partners will each hold a 28% equity interest [7] Industry Position - BGL's Environmental Services & Infrastructure investment banking team has been ranked 1 in Environmental Services transaction volume in North America since 2016, focusing on essential services in waste processing, water treatment, and waste-to-energy markets [8]
BGL Announces the Sale of GFL's Environmental Services Business Valued at $8 Billion
Prnewswire· 2025-03-03 20:07
Core Insights - GFL Environmental Inc. has sold its Environmental Services business to Apollo Funds and BC Partners for an enterprise value of $8 billion, allowing GFL to pursue organic growth and solid waste M&A opportunities [1][3][5] Company Overview - GFL is the fourth-largest diversified environmental services company in North America, providing solid waste management services across Canada and more than half of the U.S. states, with a workforce of over 15,000 employees [4] Financial Implications - GFL plans to use the proceeds from the sale to repay debt, with up to $2.25 billion allocated for share repurchases, subject to market conditions, and the remainder for transaction fees and general corporate purposes [5] - The transaction will enable GFL to accelerate its balance sheet deleveraging towards investment grade levels and return capital to shareholders through share repurchases and future dividend increases [5] Ownership Structure Post-Transaction - Following the transaction, GFL will retain a 44% equity interest in the Environmental Services business, while Apollo Funds and BC Partners will each hold a 28% equity interest [6]
GFL Environmental Inc. Completes the Sale of its Environmental Services Business Valued at $8.0 Billion
Prnewswire· 2025-03-03 11:45
Core Viewpoint - GFL Environmental Inc. has successfully completed the sale of its Environmental Services business for an enterprise value of $8.0 billion, retaining a $1.7 billion equity interest in the business [1]. Financial Summary - GFL plans to utilize up to $3.75 billion of the net proceeds from the transaction to repay debt, with up to $2.25 billion allocated for share repurchases, depending on market conditions, and the remaining funds for transaction fees and general corporate purposes [2]. Company Overview - GFL is headquartered in Vaughan, Ontario, and is recognized as the fourth largest diversified environmental services company in North America, providing solid waste management services across Canada and in over half of the U.S. states, employing more than 15,000 individuals [3].
GFL(GFL) - 2024 Q4 - Annual Report
2025-02-27 11:38
Exhibit 99.1 Execution Version FIFTH AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT FIFTH AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), dated as of June 4, 2024 by and among GFL ENVIRONMENTAL INC., a corporation existing under the laws of Ontario, Canada (the "Canadian Borrower"), GFL ENVIRONMENTAL USA INC., a corporation existing under the laws of Delaware (the "US Borrower"), the Guarantors party hereto, BANK OF MONTREAL, as administrative agent (in such capaci ...
GFL Environmental Inc. Announces Commencement of Share Repurchase Program
Prnewswire· 2025-02-27 11:30
Core Viewpoint - GFL Environmental Inc. has announced its intention to commence a normal course issuer bid (NCIB) for subordinate voting shares, with a maximum repurchase of 28,046,256 shares over a 12-month period starting March 3, 2025 [1][2][3] Group 1: NCIB Details - The NCIB will be conducted through the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE), allowing for repurchases through various trading systems [1] - GFL has 381,570,455 subordinate voting shares outstanding as of February 18, 2025, and the repurchase represents 10% of the public float [2] - All repurchased shares will be cancelled, and purchases may include open market transactions and privately negotiated transactions [3][5] Group 2: Financial Context - GFL plans to allocate up to $2.25 billion from the sale of its Environmental Services businesses to fund the share repurchase [3] - The company expects to use the majority of these proceeds for purchasing shares held by sponsor shareholders, with the remainder for open market purchases [3] Group 3: Regulatory Considerations - GFL has received exemptive relief from the Ontario Securities Commission, allowing it to purchase up to 10% of its public float through U.S. trading platforms without the usual 5% limit [4] - The company may also acquire shares through privately negotiated transactions at a discount to the market price, subject to regulatory exemptions [5] Group 4: Historical Context - In the previous NCIB period from May 12, 2023, to May 11, 2024, GFL was authorized to repurchase 17,867,120 subordinate voting shares, but no shares were repurchased during that time [6] Group 5: Company Overview - GFL is the fourth largest diversified environmental services company in North America, providing solid waste management, liquid waste management, and soil remediation services [7] - The company employs over 20,000 individuals across its operations [7]
GFL Environmental Inc. Hosts 2025 Investor Day
Prnewswire· 2025-02-27 11:30
VAUGHAN, ON, Feb. 27, 2025 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company"), a leading North American diversified environmental services company, is hosting an Investor Day today in New York City. The event is scheduled to begin at 9:00 am Eastern Time and will showcase members of senior management who will discuss the Company's growth strategies, capital allocation plan, sustainability initiatives and financial objectives, followed by a question and answer session.At to ...
GFL(GFL) - 2024 Q4 - Earnings Call Transcript
2025-02-25 15:41
GFL Environmental Inc. (NYSE:GFL) Q4 2024 Earnings Conference Call February 25, 2025 8:30 AM ET Company Participants Patrick Dovigi - Founder & Chief Executive Officer Luke Pelosi - Chief Financial Officer Conference Call Participants Sabahat Khan - RBC Capital Markets Tyler Brown - Raymond James Kevin Chiang - CIBC World Markets Bryan Burgmeier - Citigroup Devin Dodge - BMO Konark Gupta - Scotiabank Brian Butler - Stifel Operator Hello, everyone, and thank you for joining the GFL Fourth Quarter 2024 Earnin ...
GFL Environmental Inc. (GFL) Tops Q4 Earnings and Revenue Estimates
ZACKS· 2025-02-25 00:05
Core Viewpoint - GFL Environmental Inc. reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, and showing significant growth from $0.04 per share a year ago, indicating a strong performance in the waste removal services industry [1][2]. Financial Performance - The company achieved revenues of $1.42 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.15% and reflecting an increase from $1.38 billion in the same quarter last year [2]. - Over the last four quarters, GFL has exceeded consensus EPS estimates three times and topped revenue estimates twice [2]. Stock Performance - GFL Environmental shares have increased approximately 4% since the beginning of the year, outperforming the S&P 500's gain of 2.2% [3]. - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $1.37 billion, while for the current fiscal year, the estimate is $1.06 on revenues of $5.93 billion [7]. - The estimate revisions trend for GFL Environmental is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6]. Industry Context - The Waste Removal Services industry, to which GFL belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, suggesting potential challenges ahead [8]. - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact GFL's stock performance [5].