GFL Environmental Inc. Announces Commencement of Share Repurchase Program
GFL Environmental has announced a new share repurchase program (NCIB) running from March 3, 2025 to March 2, 2026. The company plans to allocate up to $2.25 billion from the proceeds of its Environmental Services business sale to repurchase subordinate voting shares.
The program allows GFL to repurchase up to 28,046,256 subordinate voting shares, representing 10% of the public float. Daily repurchases will be to 64,492 shares, with exceptions for block purchases. The buyback will be conducted through TSX and NYSE facilities, with the majority of proceeds targeted at purchasing shares from sponsor shareholders.
GFL has received special permission from the Ontario Securities Commission to purchase up to 10% of its public float through NYSE and U.S.-based trading systems, exceeding the standard 5% limit. All repurchased shares will be cancelled.
GFL Environmental ha annunciato un nuovo programma di riacquisto di azioni (NCIB) che si svolgerà dal 3 marzo 2025 al 2 marzo 2026. L'azienda prevede di destinare fino a 2,25 miliardi di dollari dai proventi della vendita della sua attività di Servizi Ambientali per riacquistare azioni con diritto di voto subordinate.
Il programma consente a GFL di riacquistare fino a 28.046.256 azioni con diritto di voto subordinate, che rappresentano il 10% del flottante pubblico. I riacquisti giornalieri saranno limitati a 64.492 azioni, con eccezioni per acquisti in blocco. Il riacquisto sarà effettuato tramite le strutture TSX e NYSE, con la maggior parte dei proventi destinati all'acquisto di azioni da azionisti sponsor.
GFL ha ricevuto un permesso speciale dalla Ontario Securities Commission per acquistare fino al 10% del suo flottante pubblico tramite NYSE e sistemi di trading basati negli Stati Uniti, superando il limite standard del 5%. Tutte le azioni riacquistate saranno annullate.
GFL Environmental ha anunciado un nuevo programa de recompra de acciones (NCIB) que se llevará a cabo del 3 de marzo de 2025 al 2 de marzo de 2026. La empresa planea destinar hasta 2.25 mil millones de dólares de los ingresos de la venta de su negocio de Servicios Ambientales para recomprar acciones con derecho a voto subordinadas.
El programa permite a GFL recomprar hasta 28,046,256 acciones con derecho a voto subordinadas, que representan el 10% del flotante público. Las recompras diarias estarán limitadas a 64,492 acciones, con excepciones para compras en bloque. La recompra se llevará a cabo a través de las instalaciones de TSX y NYSE, con la mayoría de los ingresos destinados a la compra de acciones de accionistas patrocinadores.
GFL ha recibido un permiso especial de la Ontario Securities Commission para comprar hasta el 10% de su flotante público a través de NYSE y sistemas de negociación basados en EE.UU., superando el límite estándar del 5%. Todas las acciones recompradas serán canceladas.
GFL Environmental는 2025년 3월 3일부터 2026년 3월 2일까지 진행되는 새로운 자사주 매입 프로그램(NCIB)을 발표했습니다. 이 회사는 환경 서비스 사업 매각의 수익 중 최대 22억 5천만 달러를 할당하여 보통주를 매입할 계획입니다.
이 프로그램은 GFL이 28,046,256주의 보통주를 매입할 수 있도록 허용하며, 이는 공공 유통의 10%에 해당합니다. 일일 매입은 64,492주로 제한되며, 블록 매입에 대한 예외가 있습니다. 매입은 TSX 및 NYSE 시설을 통해 진행되며, 수익의 대부분은 후원 주주로부터 주식을 구매하는 데 사용될 것입니다.
GFL은 온타리오 증권 위원회로부터 NYSE 및 미국 기반 거래 시스템을 통해 공공 유통의 최대 10%를 매입할 수 있는 특별 허가를 받았으며, 이는 표준 5% 한도를 초과하는 것입니다. 매입된 모든 주식은 취소될 것입니다.
GFL Environmental a annoncé un nouveau programme de rachat d'actions (NCIB) qui se déroulera du 3 mars 2025 au 2 mars 2026. L'entreprise prévoit d'allouer jusqu'à 2,25 milliards de dollars des produits de la vente de son activité de Services Environnementaux pour racheter des actions avec droit de vote subordonnées.
Le programme permet à GFL de racheter jusqu'à 28 046 256 actions avec droit de vote subordonnées, représentant 10 % du flottant public. Les rachats quotidiens seront limités à 64 492 actions, avec des exceptions pour les achats en bloc. Le rachat sera effectué via les installations TSX et NYSE, la majorité des produits étant destinés à l'achat d'actions auprès d'actionnaires sponsors.
GFL a reçu une autorisation spéciale de la Commission des valeurs mobilières de l'Ontario pour acheter jusqu'à 10 % de son flottant public via NYSE et des systèmes de négociation basés aux États-Unis, dépassant la limite standard de 5 %. Toutes les actions rachetées seront annulées.
GFL Environmental hat ein neues Aktienrückkaufprogramm (NCIB) angekündigt, das vom 3. März 2025 bis zum 2. März 2026 läuft. Das Unternehmen plant, bis zu 2,25 Milliarden Dollar aus den Erlösen des Verkaufs seines Umweltservicegeschäfts für den Rückkauf von Vorzugsaktien zu verwenden.
Das Programm ermöglicht es GFL, bis zu 28.046.256 Vorzugsaktien zurückzukaufen, was 10% des öffentlichen Bestands entspricht. Tägliche Rückkäufe sind auf 64.492 Aktien begrenzt, mit Ausnahmen für Blockkäufe. Der Rückkauf wird über die TSX- und NYSE-Einrichtungen durchgeführt, wobei der Großteil der Erlöse für den Kauf von Aktien von Sponsorenaktionären vorgesehen ist.
GFL hat von der Ontario Securities Commission eine Sondergenehmigung erhalten, um bis zu 10% seines öffentlichen Bestands über die NYSE und US-amerikanische Handelssysteme zu kaufen, was die standardmäßige Grenze von 5% überschreitet. Alle zurückgekauften Aktien werden annulliert.
- Large $2.25B share buyback program announced
- Special OSC permission to purchase up to 10% through NYSE
- Flexibility to make block purchases exceeding daily limits
- All repurchased shares will be cancelled, potentially increasing value for remaining shareholders
- Majority of buyback focused on sponsor shareholders rather than open market
- Previous buyback program saw zero share repurchases
- Sale of Environmental Services business required to fund buyback
Insights
GFL Environmental's announcement of a $2.25 billion share repurchase program represents a significant capital allocation decision, equating to approximately
The structure of this repurchase is particularly noteworthy - the majority will target shares held by sponsor shareholders, with the remainder allocated to open market purchases. This approach suggests a potential reconfiguration of GFL's ownership structure, possibly reducing concentrated institutional ownership while supporting the stock's public float valuation.
The TSX approval allows GFL to repurchase up to 28,046,256 subordinate voting shares (10% of public float) over the next 12 months, with daily purchase limits of 64,492 shares. The company has secured special exemptive relief from the Ontario Securities Commission to purchase up to 10% of its public float through U.S. trading systems, providing greater flexibility in execution.
From a financial perspective, this repurchase program should be accretive to earnings per share by reducing the outstanding share count. However, investors should note that GFL's previous NCIB program (May 2023-May 2024) saw no actual repurchases despite authorization, raising questions about execution commitment this time around.
The timing of this announcement - immediately following a major business divestiture - signals a strategic pivot in capital allocation priorities. Rather than reinvesting all proceeds into remaining operations or debt reduction, management is expressing confidence in the company's current valuation and future prospects through this significant shareholder return initiative.
The NCIB only relates to subordinate voting shares, of which GFL had 381,570,455 subordinate voting shares issued and outstanding as of February 18, 2025. Under the NCIB, a maximum of 28,046,256 subordinate voting shares (representing
"On January 7, 2025, we announced the sale of our Environmental Services businesses which we expect to close effective March 1, 2025," said Patrick Dovigi, Founder and CEO of GFL. "We have allocated up to
Purchases under the NCIB may be made by means of open market transactions, including through an automatic share purchase plan, privately negotiated transactions or such other means as a securities regulatory authority may permit. In accordance with TSX rules, any daily repurchases would be limited to a maximum of 64,492 subordinate voting shares, which represents
Pursuant to exemptive relief granted by the Ontario Securities Commission ("OSC") to the Company on February 26, 2025, GFL is allowed to purchase up to
Subject to receiving exemptive relief from applicable securities regulatory authorities, GFL may also acquire subordinate voting shares through privately negotiated transactions. GFL expects that any private purchase made under an exemption order issued by a securities regulatory authority would be at a discount to the prevailing market price.
Under GFL's NCIB for the 12-month period that began on May 12, 2023 and ended on May 11, 2024, GFL was authorized to repurchase up to 17,867,120 subordinate voting shares, or
About GFL
GFL, headquartered in
Cautionary Note Regarding Forward-Looking Statements
This release includes certain "forward-looking statements", including statements relating to the NCIB and the intended purchase for cancellation of subordinate voting shares of the Company thereunder, the methods by which any such purchases will be made, statements about the Company's beliefs and expectations, and the timing of any of the foregoing. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by GFL as of the date of this release, are subject to inherent uncertainties, risks, changes in circumstances, and other important factors that may cause actual results to differ materially from those contemplated by the forward-looking statements, including but not limited to certain assumptions about our ability to complete the sale of the Environmental Services business on existing terms and to use the proceeds of any such sale for potential share repurchases. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the factors described in the "Risk Factors" section of GFL's annual information form for the 2024 fiscal year filed on Form 40-F and GFL's other periodic filings with the
For more information:
Patrick Dovigi
+1 905 326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.
FAQ
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