Canadian Firms Agree Share Purchase Agreement : GFL Environmental Acquires TransForce’s Waste Management Business for $800m
Montreal, Quebec based transportation and logistics firm, TransForce, has entered into a definitive Share Purchase Agreement to sell its waste management business to Toronto based GFL Environmental $800 million.
According to TransForce (TSX: TFI)(OTCQX: TFIFF) the transaction will consist of the sale by TFI Holdings, its wholly-owned subsidiary, of 100% of the shares of Services Matrec Inc. and of the other indirect wholly-owned subsidiary companies comprising TransForce's Waste Management segment.
"Through this sale, we believe that TransForce will realise full value for the Waste Management segment which, in our view, has never been fully recognised," said TransForce Chairman, president and CEO Alain Bedard.
The company added that the Share Purchase Agreement provides that the purchase price may be paid as to $100 million by the issuance to TransForce of GFL shares, subject to TransForce being satisfied as to certain conditions.
In the event that TransForce does not receive GFL shares, GFL will pay $775 million to TransForce at closing and pay the balance of the purchase price by way of a promissory note in an amount of $25 million, payable four years from the date of closing and bearing interest at an annual rate of 3%.
The transaction is expected to close on 1 February 2016, subject to certain customary conditions, including receipt of applicable regulatory approvals and the absence of any material adverse changes with respect to the Waste Management segment.
In September this year GFL acquired Sani Smart Waste Disposal Services Inc.
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