GFL Environmental dips after unveiling secondary offering, share buyback from top holder

GFL Environmental

25/03/2025 21:10

Updates with share repurchase details

    **  U.S.-listed shares of Canada's GFL Environmental GFL.N down 0.3% at $48.50 in extended trading after news of secondary offering, share repurchase from top investor

    ** GFL shares on Tues ended up 1%, notching record high close of $48.62

    ** After the bell, waste management firm announces ~15.7 mln shares to be offloaded by existing investors including Ontario Teachers' Pension Plan

    ** Co discloses it bought back ~17.1 mln shares from BC Partners at $46.92, a 3.5% discount to last sale on Tues

    ** In addition, co agreed to purchase ~7.1 mln shares of the secondary offering from RBC, the

        underwriter

** Prior to the transactions, BC Partners is top holder with ~43.56 mln shares, or 11.4% stake, according to LSEG data

    ** GFL has ~393.38 mln shares
    outstanding, giving it market value of roughly $19 bln

    ** Shares up ~9% YTD and up ~40% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))