GFL Environmental Inc. Responds to Filing by Competition Bureau

Rhea-AI Summary

GFL Environmental Inc. (NYSE: GFL) is facing a challenge from the Canadian Commissioner of Competition regarding its acquisition of Terrapure Environmental Ltd., closed on August 17, 2021. The application specifically targets seven locations in Western Canada, which generate annual revenues of approximately $30 million. GFL is committed to cooperating with the Competition Bureau to address this issue.

Positive

• GFL is the fourth largest diversified environmental services company in North America.
• The company has a robust workforce of over 17,000 employees.

Negative

• The acquisition is being challenged, potentially leading to regulatory delays.
• The specific locations involved generate significant revenue, posing a risk if the challenge leads to operational restrictions.

VAUGHAN, ON, Dec. 1, 2021 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") is aware that the Commissioner of Competition has filed an application (the "Application") challenging certain aspects of the Company's acquisition of Terrapure Environmental Ltd. (the "Acquisition").

In response to the Application, GFL notes the following:

• The Acquisition closed on August 17, 2021, following the expiration of the statutory waiting period under the Competition Act (Canada).
• The Application relates to seven specific locations in Western Canada.
• The locations referenced in the Application generate annual revenue of approximately $30 million.

GFL intends to work cooperatively with the Competition Bureau to resolve this matter.

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 states in the United States. Across its organization, GFL has a workforce of more than 17,000 employees.

For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com

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SOURCE GFL Environmental Inc.

FAQ

What is GFL Environmental's stock symbol?

GFL Environmental's stock symbol is GFL.

What acquisition is GFL Environmental being challenged on?

GFL Environmental is being challenged on its acquisition of Terrapure Environmental Ltd.

When did the acquisition of Terrapure Environmental Ltd. close?

The acquisition closed on August 17, 2021.

What are the revenue implications of the locations involved in the challenge?

The locations referenced generate annual revenues of approximately $30 million.

How is GFL Environmental responding to the challenge by the Competition Bureau?

GFL intends to work cooperatively with the Competition Bureau to resolve the matter.