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

57 new COVID-19 cases confirmed in Alberta on Friday

Central zone remains at three active cases

Three people arrested after failed escape ends in farmer’s field

Cole Joseph Obdam facing numerous charges for incident with police

Red Deer remains at two active COVID-19 cases

Alberta confirms 94 new cases over past two days

Some Central Albertans calling for mask wearing to become mandatory

A family physician from Didsbury supports the Masks4Canada movement

Sylvan Lake pastor retiring after 43 years of service

Pastor Bill Spangler has been at Sylvan Lake Seventh-Day Adventist Church for six years

PODCAST: Black Lives Matter in central Alberta Part 2

More insight into the Black Lives Matter movement of central Alberta

Hosting regular season MLB in Toronto “totally different ball game”

Hosting regular season MLB in Toronto “totally different ball game”

Siakam says he feels safe in Florida, despite explosion of COVID-19 cases

Siakam says he feels safe in Florida, despite explosion of COVID-19 cases

Hockey Canada cancels 2020 World Under-17 Hockey Challenge

Hockey Canada cancels 2020 World Under-17 Hockey Challenge

Jimmie Johnson 1st NASCAR driver to test positive for virus

Jimmie Johnson 1st NASCAR driver to test positive for virus

Major League Soccer teams head to Florida, albeit in stop-start fashion

Major League Soccer teams head to Florida, albeit in stop-start fashion

Trout uncertain, All-Star Game off as MLB gets back on field

Trout uncertain, All-Star Game off as MLB gets back on field

Chris Kirk, Webb Simpson share Rocket Mortgage Classic lead

Chris Kirk, Webb Simpson share Rocket Mortgage Classic lead

CFL’s Edmonton Eskimos announce they’ll be retaining their team name

CFL’s Edmonton Eskimos announce they’ll be retaining their team name

Most Read