06:23 AM EST, 01/07/2025 (MT Newswires) -- GFL Environmental ( GFL ) said Tuesday it has signed a deal with funds managed by Apollo Global Management ( APO ) and BC Partners to sell its environmental services operations for about $8 billion in enterprise value.

The company will keep $1.7 billion equity ownership in the business and anticipates realizing cash proceeds of about $6.2 billion net of the retained equity and taxes, it added.

GFL said it plans to use up to $3.75 billion of the net proceeds for the repayment of debt, stock buyback, and general corporate purposes.

GFL will maintain a 44% equity ownership in the business, while Apollo Funds and BC Partners will each have a 28% equity stake, according to GFL.

The deal, expected to close in Q1, is not subject to any financing requirements, the company said.

GFL shares rose over 2% in recent Tuesday premarket activity.

Price: 45.20, Change: +1.18, Percent Change: +2.68