Private equity-backed waste manager GFL plans $1 bln IPO: Reuters
Private equity-backed Canadian waste management company GFL Environmental Inc is seeking to raise as much as $1 billion in an initial public offering that could be filed as early as the first quarter, sources told Reuters. A $1 billion IPO would be the biggest Canadian listing since Kinder Morgan Canada Ltd raised $1.7 billion early this year, and would value GFL at nearly $5 billion, the sources said. It would provide an exit for investors including U.S. private equity firm HPS Investment Partners and Macquarie Infrastructure Partners III, a fund linked to a unit of Australian financial services firm Macquarie Group. While an IPO is one of several ways to unlock value, no decision has been made to proceed with an offering, GFL General Counsel Joy Grahek said. GFL is also backed by Canadian private equity firm Hawthorn Equity Partners.
