GFL Environmental Inc. announced the successful closing of the acquisition of WCA Waste Corporation. The purchase price for the acquisition was partly funded with the net proceeds from the previously announced private placement of US$600 million of perpetual convertible preferred shares to funds managed by HPS Investment Partners, LLC, which also closed.
Patrick Dovigi, the Founder and Chief Executive Officer of GFL, said, “This transaction represents an exciting time for our employees, customers, shareholders and other stakeholders. As a result of the closing today of the WCA acquisition, we now operate in nine provinces across Canada and 27 states in the United States. After more than a year of working on this transaction, we are ready to implement our integration plans and focus on growing the business.” Mr. Dovigi continued, “I also want to acknowledge the significant investment today by HPS, a long-standing partner of GFL that continues to support our strategy of pursuing strategic and accretive acquisitions to create long-term shareholder value.”