Liz Bothwell, Head of Content & Marketing

June 24, 2020

1 Min Read

GFL Environmental (NYSE:GFL) agreed to purchase a portfolio of vertically integrated solid waste collection, transfer, recycling and disposal assets for $835M. 

These assets are from the Waste Management (NYSE:WM) Advanced Disposal Services (NYSE:ADSW) deal to address the divestitures expected to be required by the U.S. Department of Justice.

As with the Advanced Disposal takeover, the asset sale to GFL remains subject to clearance from the Department of Justice and is conditioned on the closing of Waste Management's acquisition of Advanced Disposal.

The acquired assets are expected to generate annualized revenue of $345M.

The acquisition is expected to expand GFL's geographical reach, provide a complementary asset network, improve operating margins and create long term shareholder value.

The company currently anticipates the funding using a combination of capacity under its revolving credit facility and cash on hand.

"Even during these unprecedented times, we continue to successfully execute on our growth strategy of pursuing strategic and accretive acquisitions.  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," said Patrick Dovigi, the Founder and Chief Executive Officer of GFL. "We are excited to welcome over 900 employees of WM and ADS to the GFL family and are confident that we will continue to offer excellent customer service to our expanded customer base."

Closing of the transaction is expected to occur in Q3 2020.

See the GFL Environmental Press Release for additional details.


About the Author(s)

Liz Bothwell

Head of Content & Marketing, Waste360

Liz Bothwell is head of content and marketing for Waste360, proud host of the NothingWasted! Podcast, and ghostwrites for others to keep her skills sharp and creative juices flowing. She loves family, football, her French bulldogs, and telling stories that can help to make the world a more sustainable place.

Follow her on Linkedin or Twitter

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