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Waste management firm GFL Environmental sets terms for $1.9 billion IPO

October 23, 2019

GFL Environmental, North America's fourth-largest diversified waste management firm, announced terms for its IPO on Wednesday.

The Vaughan, Canada-based company plans to raise $1.9 billion by offering 87.6 million shares (1% insider) at a price range of $20 to $24. At the midpoint of the proposed range, GFL Environmental would command a market value of $6.9 billion and an enterprise value of $9.5 billion (14.8x LTM PF adj. EBITDA). 

GFL Environmental was founded in 2007 and booked $2.0 billion in revenue for the 12 months ended June 30, 2019. It plans to dual list on the NYSE and the TSX under the symbol GFL. J.P. Morgan, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Scotia Capital, Barclays, BC Partners Securities, Raymond James, Stifel, and TD Securities are the joint bookrunners on the deal. It is expected to price on Wednesday, November 6, 2019.