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GFL Environmental ( (TSE:GFL) ) has issued an announcement.
GFL Environmental Inc. has announced an $8.0 billion agreement to sell its Environmental Services business to funds managed by Apollo and BC Partners. The proceeds from the sale will be used primarily to pay down $3.75 billion in debt and repurchase up to $2.25 billion in shares, enhancing financial flexibility and accelerating its path to an investment-grade credit rating. By retaining a 44% equity interest in the business, GFL expects to benefit from future value creation while maintaining operational synergies. The transaction significantly reduces annual cash interest by approximately $200 million, improving free cash flow conversion, and is expected to close in the first quarter of 2025.
More about GFL Environmental
GFL Environmental, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America. It offers a wide range of services including solid waste management, liquid waste management, and soil remediation across Canada and over half of the U.S. states. The company employs more than 20,000 people.
YTD Price Performance: 0.02%
Average Trading Volume: 1,048,922
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $17.61B
Learn more about GFL stock on TipRanks’ Stock Analysis page.
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