06:53 AM EDT, 06/05/2024 (MT Newswires) -- Toronto-based waste management company GFL Environmental Inc. ( GFL ) has retained J.P. Morgan to assess two buyout offers -- one for the entire business and another for its environmental services division, according to a source familiar with the matter, The Globe and Mail is reporting.

As of Tuesday's market close, the report noted, GFL was valued at $17.8-billion. To split the cost, a consortium of infrastructure funds and sovereign wealth funds have teamed up on a bid, according to the source, but discussions are in preliminary stages and may not lead to a transaction.

The report says another option is for GFL to sell its environmental services division, which offers liquid waste management and soil remediation services, and use the proceeds to pay down debt or repurchase shares. The bidder has offered to pay roughly 15 times the unit's earnings before interest, taxes, depreciation and amortization, or EBITDA. In 2023, the unit reported adjusted EBITDA of $383-million, it adds.

The Globe and Mail is not identifying the source because they are not authorized the discuss the information publicly. GFL declined to comment.

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