On January 7, 2025, GFL Environmental Inc. (NYSE: GFL, TSX: GFL) agreed to sell its Environmental Services business to Apollo and BC Partners for $8 billion. GFL retains a 44% equity stake worth $1.7 billion and expects $6.2 billion in cash proceeds. The funds will be used to repay $3.75 billion in debt, buy back shares, and cover fees.

Legal advisors included Latham & Watkins LLP and Stikeman Elliott LLP for GFL, Sidley Austin LLP for Apollo, Kirkland & Ellis LLP for BC Partners, and Osler, Hoskin & Harcourt LLP for Canadian counsel. The transaction is expected to close in Q1 2025.