05:11 PM EDT, 03/25/2025 (MT Newswires) -- (Updating with additional details from the fourth paragraph onward)

GFL Environmental ( GFL ) after trade on Tuesday said certain shareholders plan to sell about 15.74-million subordinate voting shares in a secondary offering.

The shareholders are Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman), Poole Private Capital, and HPS Investment Partners. GFL will not receive any proceeds from the offering, the company said.

RBC Capital Markets and RBC Dominion Securities will act as underwriters in the US and Canada, respectively. The shares will be offered in all Canadian provinces and territories through a prospectus supplement to GFL's base shelf prospectus. A registration statement has been filed with the Securities and Exchange Commission, and the prospectus supplement will be available around Thursday, the company added.

The waste-management company also said it bought 17.05-million subordinate voting shares from BC Partners for US$46.92 per share. These shares will be cancelled. BC Partners has agreed to a six-month lock-up on its remaining shares.

The company's board, with advice from an independent committee and financial advisor Canaccord Genuity, approved both transactions. After the repurchase, BC Partners will hold 20.5% of the outstanding shares, representing 14.8% of the voting power, GFL added.

On March 13, GFL received approval from the Ontario Securities Commission to buy up to 50% of shares in secondary offerings, up to a total of about 38.2 million shares over 12 months.

GFL shares closed up $0.53 to $69.40 on the Toronto Stock Exchange.