Prnewswireยท2025-03-25 20:53Core 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].