Apollo Global Management, Inc. and BC Partners in connection with their agreement to buy GFL Environmental Inc.’s environmental services business valued at $8 billion

On January 7, 2025, GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (GFL) announced it has entered into a definitive agreement (the Transaction Agreement) with funds managed by affiliates of Apollo (Apollo Funds) and BC Partners (BC Funds) for the sale of its environmental services business, which is valued at $8 billion (the Transaction). GFL will retain a $1.7-billion equity interest in the Environmental Services business and expects to realize cash proceeds of approximately $6.2 billion net of the retained equity and taxes. 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. 

Pursuant to the Transaction Agreement, GFL will retain a 44% equity interest in the environmental services business and the Apollo Funds and BC Funds will each hold a 28% equity interest. The Transaction is expected to close in the first quarter of 2025 and is subject to certain customary closing conditions. The Transaction is not subject to any financing conditions.

Apollo Global Management, Inc. is a high-growth, global alternative asset manager. 

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt and real estate strategies. 

Osler, Hoskin & Harcourt LLP advised the Apollo Funds and the BC Funds with a team consisting of Shahir Guindi, Hugo-Pierre Gagnon, Raphael Amram, Daniel Stysis and Véronique Fortin-Latreille (Corporate), Matias Milet and Jean-Philippe Dionne (Tax), Jennifer Fairfax and Evan Barz (Environmental), Andrea Boctor (Pensions and Benefits), Damian Rigolo (Employment and Labour), Shuli Rodal and David Dueck (Competition and Foreign Investment).