GFL Environmental shares surged following reports of rival takeover bids from two private equity consortiums. One bidding group includes Blackstone, KKR & Co., and Energy Capital Partners. A second offer comes from a partnership between Brookfield Asset Management and IFM Investors.
The potential deal values GFL’s equity at approximately $18 billion. The company also carries roughly $10 billion in debt. This transaction would rank among the largest leveraged buyouts of the year.
GFL formed a special committee in July to evaluate acquisition interest. CEO Patrick Dovigi supports taking the company private at a premium. Dovigi plans to roll his entire equity stake into the potential deal.