GFL Environmental down as holders offload $750 mln of shares

Royal Bank of Canada

21/11/2025 13:59

**  U.S.-listed shares of Canada's GFL Environmental GFL.N down 1.5% at $45.50 before the bell after $750 mln secondary offering priced

** Waste management firm early Fri announced BC Partners, Ontario Teachers' Pension Plan and HPS Investment Partners parted ways with ~16.6 mln shares

** Offering price of $45.15 is 2.3% discount to shares' last sale on Thurs

** RBC Capital Markets and Canadian division RBC Dominion are the underwriters

** Also, GFL to repurchase ~1.3 mln of the offering shares from RBC Dominion

** Prior to the offering, GFL had ~359.1 mln shares outstanding, per LSEG data

** Through Thurs, U.S.-listed shares up nearly 4% YTD

** 15 of 18 analysts rate GFL "strong buy" or "buy", rest rate "hold"; median PT of $56.50 - LSEG

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

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