GFL To Sell Environmental Services Business To Apollo Funds, BC For C$8 Bln

(RTTNews) - GFL Environmental Inc. (GFL), a Canadian waste management firm, announced on Tuesday that it has inked a deal with funds managed by affiliates of Apollo Global Management, LLC (APO) and BC Partners, to sell its Environmental Services business for C$8 billion.

The sale, expected to be closed in the first quarter, will allow GFL to retain a 44 percent equity interest in the Environmental Services business, while the Apollo Funds and BC Funds will each hold a 28 percent.

Thus, GFL will retain a C$1.7 billion equity interest in the Environmental Services business.

GFL expects to realize cash proceeds from the transaction of around C$6.2 billion net of the retained equity and taxes.

The company plans to use up to C$3.75 billion of the net proceeds from the sale to repay debt, up to C$2.25 billion to repurchase GFL shares, and for transaction fees and general corporate purposes.