GFL Environmental has rejected unsolicited proposals to take it private and will remain a listed company, the Canadian waste and environmental services group said on 10 November 2026, ending a review that began in July.
Why Blackstone, KKR and Energy Capital Partners (consortium) is buying GFL Environmental Inc.
The special committee concluded that, although the proposed valuations were at a premium to GFL's trading price, they did not reflect the full value of the company's standalone strategy. GFL projected that free cash flow per share could double over the next five years.
Deal terms and financing
GFL did not disclose the offers. The Globe and Mail reported that a consortium led by Blackstone, KKR and Energy Capital Partners offered US$52 a share, valuing the company at about US$22bn, and that the board had sought US$58 a share or more.
Regulatory approvals and timing
No transaction will proceed. GFL said it remained open to any proposal in shareholders' best interests and would facilitate the process for parties seeking to buy stakes from its financial sponsor shareholders.
Market context
GFL is the fourth-largest diversified environmental services company in North America, operating across Canada and 19 US states. Founder Patrick Dovigi owns about a third of the company and BC Partners about 13%, according to The Globe and Mail.
