GFL Environmental Inc. Reaches Agreement with the Canadian Competition Bureau

Rhea-AI Summary

GFL Environmental has reached an agreement with the Canadian Competition Bureau regarding its acquisition of Terrapure Environmental's solid waste and environmental services, completed on August 17, 2021. As part of the agreement, GFL will divest four liquid waste facilities and three tank farms in Western Canada, projected to generate approximately $20 million in annual revenue for 2022. This agreement resolves the Bureau's legal action against GFL, allowing the company to move forward with the divestiture promptly.

Positive

• Agreement with the Canadian Competition Bureau allows GFL to proceed with its business.
• Projected annual revenue of $20 million from the divested sites enhances GFL's overall financial position.

Negative

• Divestiture of four facilities and three tank farms may impact GFL's operational capacity and revenue streams.

VAUGHAN, ON, April 14, 2022 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") announced today that it has reached an agreement with the Canadian Competition Bureau (the "Bureau") to address concerns raised by the Bureau with the Company's acquisition of the solid waste and environmental services businesses of Terrapure Environmental Ltd., which acquisition closed on August 17, 2021.

GFL worked collaboratively with the Bureau to expeditiously reach an agreement under which GFL has agreed to divest of four liquid waste facilities and three tank farms, located in Western Canada. These sites were expected to generate annual aggregate revenue of approximately $20 million in 2022.

The Company is pleased to have reached an arrangement with the Bureau on this matter and will work to complete the proposed divestiture as soon as possible. This agreement now concludes the Bureau's legal action against GFL.

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 18,000 employees.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-inc-reaches-agreement-with-the-canadian-competition-bureau-301525727.html

SOURCE GFL Environmental Inc.

FAQ

What is the agreement between GFL and the Canadian Competition Bureau?

GFL has agreed to divest four liquid waste facilities and three tank farms to address concerns over its acquisition of Terrapure Environmental.

When did GFL acquire Terrapure Environmental?

GFL completed the acquisition of Terrapure Environmental on August 17, 2021.

How much revenue is expected from the facilities GFL is divesting?

The divested facilities are projected to generate approximately $20 million in annual revenue for 2022.

What impact does the agreement have on GFL's operations?

The agreement allows GFL to resolve legal issues with the Bureau but requires the divestiture of certain facilities, potentially affecting its operational capacity.