GFL Environmental’s $594 Million Secondary Offering

Latham & Watkins LLP represented GFL Environmental Inc. and certain Selling Shareholders in the offering, while Davis Polk advised the underwriters.

GFL Environmental Inc., the fourth largest diversified environmental services company in North America, has announced that certain entities affiliated with BC Partners Advisors L.P., Ontario Teachers’ Pension Plan Board, GIC Private Limited and HPS Investment Partners, LLC (collectively, the Selling Shareholders), have entered into an agreement with BMO Capital Markets, RBC Capital Markets, and Scotiabank (collectively, the Underwriters), pursuant to which the Underwriters have agreed to purchase on a bought deal basis an aggregate of 17,500,000 subordinate voting shares held by the Selling Shareholders at an offering price of US$33.95 per Share for total gross proceeds to the Selling Shareholders of US$594,125,000. GFL will not receive any proceeds from the Offering.

BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. acted as underwriters for the offering.

Latham & Watkins LLP represented GFL Environmental Inc. and certain Selling Shareholders in the offering with a corporate team led by New York partners Stelios Saffos (Picture) and Peter Sluka and Washington, D.C. partner Paul Dudek, with New York associates Hana Nah, Claire Solimine, and Matt Schlanger. Advice was also provided on tax matters by New York partner Matthew Dewitz, with New York associate Colleen O’Donnell.

Davis Polk advised the underwriters with partner Shane Tintle and associates John H. Runne and David Giron. The Davis Polk tax team included partner Mario J. Verdolini and associate Ben Levenback.

Involved fees earner: David Giron – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; John Runne – Davis Polk & Wardwell; Shane Tintle – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Matthew Dewitz – Latham & Watkins; Paul Dudek – Latham & Watkins; Hana Nah – Latham & Watkins; Colleen O’Donnell – Latham & Watkins; Stelios Saffos – Latham & Watkins; Matthew Schlanger – Latham & Watkins; Peter Sluka – Latham & Watkins; Claire Solimine – Latham & Watkins;

Law Firms: Davis Polk & Wardwell; Latham & Watkins;

Clients: BMO Nesbitt Burns Inc; GFL Environmental Inc; RBC Dominion Securities Inc.; Scotia Capital Inc.;

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Martina Bellini

Author: Martina Bellini