GFL Environmental ticks higher after upsized $900 mln secondary offering

GFL Environmental

26/03/2025 12:36

Updates with share repurchase details

**  U.S.-listed shares of Canada's GFL Environmental GFL.N up 0.2% to $48.70 on very light premarket trading volume after secondary offering prices

** Waste management firm early Weds announces Ontario Teachers' Pension Plan, Singapore's sovereign wealth fund GIC (connected to GFL Borrower II), Poole Private Capital and HPS Investment Partners offloaded ~18.9 mln shares

** Offering, boosted from ~15.7 mln shares, priced at $47.65 for deal size of $900 mln

** Offering price represents 2% discount to stock's record high close of $48.62 on Tues

,** Also, co late Tues said it bought back ~17.1 mln shares from BC Partners at $46.92, and that it 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, followed by Ontario Teachers' with ~35.36 mln shares, or ~9.3% stake, per LSEG data

** GFL has ~393.38 mln shares outstanding for market value of $19 bln

** Through Tues, 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))