Carey Olsen advises on GFL Environmental's secondary offering
Carey Olsen's Cayman Islands corporate team has advised in connection with the US$750 million dual-listed U.S. and Canadian secondary offering of subordinate voting shares of GFL Environmental Inc. (NYSE, TSX: GFL).
The selling shareholders, which included BCEC-GFL Borrower (Cayman) LP (an entity affiliated with BC Partners Advisors L.P.), Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP and entities affiliated with HPS Investment Partners, LLC collectively, agreed to sell 16,611,295 subordinate voting shares at the public offering price of US$45.15 per share in a fully underwritten secondary transaction. RBC Capital Markets, LLC and RBC Dominion Securities Inc. will act as underwriters for the offering in the United States and Canada, respectively.
Carey Olsen acted for BCEC-GFL Borrower (Cayman) LP and GFL Borrower II (Cayman) LP alongside onshore counsel Simpson Thacher & Bartlett LLP. The Carey Olsen team advising the sellers comprised Cayman Islands partner Dylan Wiltermuth and associate Nicholas Vasic. The same team previously advised certain shareholders of GFL Environment Inc. on a US$900 million secondary offering in April 2025.
GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management services through its platform of facilities throughout Canada and in 18 U.S. states.
