BGL Announces the Sale of GFL's Environmental Services Business Valued at $8 Billion

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]