GFL Environmental signs US$835-million deal to buy assets in 10 U.S. states

GFL Environmental signs US$835-million deal to buy assets in 10 U.S. states

VAUGHAN, Ont. — GFL Environmental Inc. has signed a deal to buy a portfolio of integrated solid waste collection, transfer, recycling and disposal assets in the United States for US$835 million.

GFL said Wednesday the deal extends its reach into new and adjacent markets and forms a base for potential deals.

“Even during these unprecedented times, we continue to successfully execute on our growth strategy of pursuing strategic and accretive acquisitions,” GFL chief executive Patrick Dovigi said in a statement.

“This transaction presents GFL with a unique opportunity to significantly expand our U.S. footprint through the acquisition of a high quality, vertically integrated set of assets in both our existing and adjacent fast growing U.S. markets.”

The assets are being sold as a result of the acquisition of Advanced Disposal Services Inc. by a wholly owned subsidiary of Waste Management Inc., which announced a deal earlier this year.

The assets being acquired by GFL include 32 collection operations, 36 transfer stations and 18 landfills supported by 380 collection vehicles across 10 U.S. states.

The acquisition is subject to certain customary closing conditions, including approval by the U.S. Department of Justice and the closing of the WM-ADS Transaction.

It is expected to close in the third quarter.

Earlier this year, GFL raised $2.9 billion, including $1.9 billion from its initial public offering and $1 billion through a concurrent financing.

The company provides non-hazardous solid waste management, infrastructure and soil remediation and liquid waste management services in Canada and the United States.

This report by The Canadian Press was first published June 24, 2020.

Companies in this story: (TSX:GFL)

The Canadian Press

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

46 new COVID-19 cases reported Wednesday in Alberta

Province has completed more than 500,000 COVID-19 tests

Charges laid following shooting in Lacombe County

A man turned himself in to Rimbey RCMP after an incident on July 5

47 new COVID-19 cases Tuesday in Alberta, still 620 active cases

3 active COVID-19 cases remain in Red Deer

COVID-19: Central zone at four active

Alberta confirms 130 cases Monday

Sylvan Lake woman distressed after cat shot at with pellet gun, loses its eye

Warning: Photo may be disturbing to some. Evelina Cornell’s cat Ms Grey was shot in the face and hip

Grizzly bears in the dark as they try to share living space with humans: study

Grizzly bears in the dark as they try to share living space with humans: study

‘You haunt my dreams:’ Sex assault victim confronts ex-nightclub worker in court

‘You haunt my dreams:’ Sex assault victim confronts ex-nightclub worker in court

Alberta bill proposes major changes to union strike rules and funding

Alberta bill proposes major changes to union strike rules and funding

Alberta air force base to use goats, sheep to chew down unwanted vegetation

Alberta air force base to use goats, sheep to chew down unwanted vegetation

Calgary officer justified in fatal shooting of man having mental crisis: ASIRT

Calgary officer justified in fatal shooting of man having mental crisis: ASIRT

Gave up seat for Kenney to run: Premier defends hiring ex-MLA for trade office

Gave up seat for Kenney to run: Premier defends hiring ex-MLA for trade office

Southern Alberta hailstorm caused almost $1.2B in damage: insurance bureau

Southern Alberta hailstorm caused almost $1.2B in damage: insurance bureau

Kanye West breaks with Trump, claims 2020 run is not a stunt

Kanye West breaks with Trump, claims 2020 run is not a stunt

Most Read