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

Local resident Ethel Williams is marking a very special milestone this month

The ‘Ethel Williams 100th Birthday Parade’ is taking place July 17th from 4:30 to 6 p.m.

Stettler Board of Trade continues to help businesses navigate challenging times

‘Christmas in July’ is another current means of encouraging folks to ‘shop local’

Calgary singer Erin Ross to be featured at ‘Entertainment in the Park’ July 15th

Roots/blues musician can hardly recall a time when she wasn’t passionate about performing

PHOTOS: Despite some soggy weather, fireworks capped off Canada Day in Stettler

The skies above West Stettler Park were lit up to help celebrate the nation’s birthday

57 new COVID-19 cases confirmed in Alberta on Friday

Central zone remains at three active cases

PODCAST: Black Lives Matter in central Alberta Part 2

More insight into the Black Lives Matter movement of central Alberta

‘You have to show up:’ NDP MP questions virtual attendance of Alberta Tories

NDP MP McPherson says she’s disappointed Tory MPs haven’t been participating in virtual meetings

Flood warning, mandatory evacuation for people in remote Alberta hamlet

A flood warning has been issued for the rain-swollen Smoky River near the Hamlet of Watino

Stop enforcing sex work laws during COVID-19, Amnesty, sex worker advocates say

‘We need to make sure the existing laws on the books aren’t enforced’

Protesters return to St. Louis area where couple drew guns

Protesters return to St. Louis area where couple drew guns

Heavy rain floods southern Japan, leaving over dozen missing

Heavy rain floods southern Japan, leaving over dozen missing

At Rushmore, Trump says protesters seek to ‘defame’ heroes

At Rushmore, Trump says protesters seek to ‘defame’ heroes

First Nations coalition rejects recommendation to lift Sen. Beyak’s suspension

First Nations coalition rejects recommendation to lift Sen. Beyak’s suspension

Most Read