VAUGHAN,
ON, March 3, 2025 /CNW/ - GFL Environmental
Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today
announced that it has closed the sale of its Environmental Services
business for an enterprise value of $8.0
billion (the "Transaction"). GFL retained a $1.7 billion equity interest in the Environmental
Services business.
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 share repurchases, subject to market conditions,
and the balance for transaction fees and general corporate
purposes.
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing solid waste management services through its platform of
facilities across Canada and in
more than half of the U.S. states. Across its organization, GFL has
a workforce of more than 15,000 employees.
Forward-Looking Statements
This release includes certain "forward-looking statements" and
"forward-looking information" (collectively, "forward-looking
information"), within the meaning of applicable U.S. and Canadian
securities laws, respectively, including statements relating to the
expected financial and other benefits of the Transaction to GFL and
its shareholders, as well as GFL's expected use of proceeds.
Forward-looking information includes all statements that do not
relate solely to historical or current facts and may relate to our
future outlook, financial guidance and anticipated events or
results and may include statements regarding our financial
performance, financial condition or results, business strategy,
growth strategies, budgets, operations and services. Particularly,
statements regarding our expectations of future results,
performance, achievements, prospects or opportunities, the markets
in which we operate, potential deleveraging transactions or
potential share repurchases are forward-looking information. In
some cases, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "budget", "scheduled", "estimates", "outlook",
"forecasts", "projection", "prospects", "strategy", "intends",
"anticipates", "does not anticipate", "believes", or "potential" or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might",
"will", "will be taken", "occur" or "be achieved", although not all
forward-looking information includes those words or phrases. In
addition, any statements that refer to expectations, intentions,
projections, guidance, potential or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts nor assurances of future performance but instead
represent management's expectations, estimates and projections
regarding future events or circumstances. Without limiting the
foregoing, there can be no assurance that any debt repayment will
be in an amount or on terms as favorable to GFL as is anticipated
by such forward looking information, or that GFL undertakes any
share repurchase or if so as to the size, price or other terms
thereof or its success.
Forward-looking information is based on our opinions, estimates
and assumptions that we considered appropriate and reasonable as of
the date such information is stated, is subject to known and
unknown risks, uncertainties, assumptions and other important
factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward- looking information,
including but not limited to certain assumptions set out herein;
our ability to use the net proceeds of the Transaction for
deleveraging or potential share repurchases; currency exchange and
interest rates; commodity price fluctuations; our ability to
implement price increases and surcharges; changes in waste volumes;
labour, supply chain and transportation constraints; inflationary
cost pressures; fuel supply and fuel price fluctuations; our
ability to maintain a favourable working capital position; the
impact of competition; the changes and trends in our industry or
the global economy; and changes in laws, rules, regulations, and
global standards. Other important factors that could materially
affect our forward-looking information can be found in the "Risk
Factors" section of GFL's annual information form for the year
ended December 31, 2024 and GFL's
other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada.
Shareholders, potential investors and other readers are urged to
consider these risks carefully in evaluating our forward-looking
information and are cautioned not to place undue reliance on such
information. There can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct.
Although we have attempted to identify important risk factors that
could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors not currently known to us or that we currently believe are
not material that could also cause actual results or future events
to differ materially from those expressed in such forward- looking
information. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. The
forward-looking information contained in this release represents
our expectations as of the date of this release (or as the date it
is otherwise stated to be made), and is subject to change after
such date. However, we disclaim any intention or obligation or
undertaking to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable U.S. or Canadian securities
laws.
All references to "$" in this press release are to Canadian
dollars, unless otherwise noted.
For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.
