GFL Environmental : Expands U.S. Footprint With $835 Million Deal

By Colin Kellaher

GFL Environmental Inc. on Wednesday said its $835 million acquisition of a portfolio of assets from Waste Management Inc. and Advanced Disposal Services Inc. will expand the Canadian environmental-services company's U.S. footprint.

GFL said the assets include 32 collection operations, 36 transfer stations and 18 landfills supported by 380 collection vehicles across 10 U.S. states.

The Vaughan, Ontario, company said it expects the acquired assets to generate annualized revenue of about $345 million.

The deal is expected to satisfy divestitures required by the U.S. Department of Justice for approval of Waste Management's acquisition of Advanced Disposal.

GFL said it plans to fund the acquisition with cash on hand and its revolving credit facility, adding that it will evaluate other longer-term strategic and opportunistic financing opportunities as they present themselves.

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