お知らせ • Mar 03
Apollo Global Management, Inc. (NYSE:APO) and BC Partners LLP completed the acquisition of 56% stake in Environmental Services Business from GFL Environmental Inc. (TSX:GFL).
Apollo Global Management, Inc. (NYSE:APO) and BC Partners LLP entered into a definitive agreement to acquire 56% stake in Environmental Services Business from GFL Environmental Inc. (TSX:GFL) for enterprise value of approximately CAD 8 billion on January 6, 2025. GFL entered into a definitive agreement with funds managed by affiliates of Apollo (NYSE:APO) (the “Apollo Funds”) and BC Partners for the sale of its Environmental Services business for an enterprise value of CAD 8.0 billion (the “Transaction”). GFL will retain a CAD 1.7 billion equity interest in the Environmental Services business and expects to realize cash proceeds from the Transaction of approximately CAD 6.2 billion net of the retained equity and taxes. GFL intends to use up to CAD 3.75 billion of the net proceeds from the Transaction to repay debt, making available up to CAD 2.25 billion for the repurchase of GFL shares, subject to market conditions, and the balance for transaction fees and general corporate purposes. Net Leverage, pro forma for the planned use of proceeds, is expected to be 3.0x. As a part of acquisition a termination fee of CAD 251.8 Million is paid to GFL Environmental. Paul Hastings Advises Financing Sources for Apollo and BC Partners. 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. GFL’s board of directors (interested directors having recused themselves) unanimously approved the Transaction upon the recommendation of a special committee comprised solely of independent and disinterested directors. As of February 24, 2025, the transaction is expected to close effective March 1, 2025.
Brown, Gibbons, Lang & Company Securities, Inc. and J.P. Morgan Securities LLC served as financial advisors, Paul Kukish, Michael Vardanian ,Matthew Villar, Stelios Saffos, Salvatore Vanchieri,Kendra Kocovsk,Eric Kamerman,Austin Ozawa,Megan Alessi,Laura Waller,Dara Denberg,Lisa Brabant,Gary Gengel,Jeffrey Tochner, Pelin Serpin,Robert Blamires,Irina Yevmenenko,Mandy Reeves,Lindsey Champlin, Britton Davis and James Barker of Latham & Watkins LLP, Jeffrey M. Singer, Jeff Hershenfield and Kim Le of Stikeman Elliott LLP served as legal counsel to GFL in connection with the Transaction. Canaccord Genuity Corp. served as independent financial advisor as well as fairness opinion provider and Cassels Brock & Blackwell LLP served as legal counsel to the Special Committee. Gerald Brant, John C. Godfrey,Jeffrey Kochian,Erika T. Cohen,Nicholas M. Schwartz,Rachel D. Kleinberg,Lauren A. Gallagher and E. Kyle Barnett of Sidley Austin LLP served as legal counsel to the Apollo and BC Partners . Adam Clifford, Srinivas Kaushik, Jeremy Mandell,Abhishek Kolay,Jud Oswald, Paul Rezvani,Justin Greer,Benjamin Schreiner and Christopher Worek of Kirkland & Ellis LLP served as legal counsel to BC Partners and Apollo. Shahir Guindi, Hugo-Pierre Gagnon, Matias Milet, Jennifer Fairfax, Andrea Boctor,Damian Rigolo,Shuli Rodal,David Dueck and Raphael Amram of Osler, Hoskin & Harcourt LLP served as legal counsel to the Apollo Funds and BC Partners.
Apollo Global Management, Inc. (NYSE:APO) and BC Partners LLP completed the acquisition of 56% stake in Environmental Services Business from GFL Environmental Inc. (TSX:GFL) on March 3, 2025. GFL Environmental Inc. retained a $1.7 billion equity interest in the Environmental Services business.