Apollo, BC Partners to Buy Control of $5.6 Billion GFL Unit

Apollo Global Management Inc. and BC Partners agreed to acquire a controlling stake in GFL Environmental Inc.’s environmental services unit, in a deal that values the business at C$8 billion ($5.6 billion) including debt.

The consortium is set to buy a 56% stake in the business, while GFL will own the remainder with an option to repurchase from Apollo and BC Partners within five years, according to a statement on Tuesday that confirmed an earlier Bloomberg News report. The transaction is expected to close in the first quarter.

The stake sale will generate about C$6.2 billion in cash ...