GFL Environmental

Canaccord Genuity Acts as Independent Financial Advisor to the Special Committee of GFL on the Pending Sale of its Environmental Services Business to Apollo and BC Partners, Valued at $8.0 Billion

Canaccord Genuity is pleased to announce that, on January 7, 2025, GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL”) announced that it had entered into a definitive agreement with funds managed by affiliates of Apollo (NYSE:APO) (“Apollo Funds”) and BC Partners for the sale of its liquid waste management and soil remediation businesses in Canada and the United States (the “Environmental Services Business”) for an enterprise value of $8.0 billion. GFL will retain a $1.7 billion equity interest in the Environmental Services Business and expects to realize cash proceeds from the transaction of ~$6.2 billion, net of the retained equity and taxes. GFL will retain a 44% equity interest in the Environmental Services Business and the Apollo Funds and BC Partners will each hold a 28% equity interest.

GFL intends to use up to $3.75 billion of the net proceeds from the transaction to repay debt, making available up to $2.25 billion for the repurchase of GFL shares, subject to market conditions, and the balance for transaction fees and general corporate purposes.

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 20,000 employees.

Canaccord Genuity acted as independent financial advisor, and provided a fairness opinion to the Special Committee of GFL.