Apollo and BC Partners completed the acquisition of a 56% stake in Environmental Services business of GFL Environmental for $4.5bn.

Apollo, an alternative investment manager, and BC Partners, a private equity investment firm, completed the acquisition of a 56% stake in Environmental Services business of GFL Environmental, a waste management services provider, for $4.5bn. GFL intends to use up to $3.75bn of the net proceeds from the transaction to repay debt, making available up to $2.25bn for share repurchases, subject to market conditions, and the balance for transaction fees and general corporate purposes.