MONTREAL, Que.– TransForce Inc. has entered into a definitive Share Purchase Agreement with GFL Environmental Inc., headquartered in Toronto, Ontario, under which TransForce will sell its Waste Management segment to GFL for $800 million.
The transaction will consist of the sale by TFI Holdings Inc., a wholly-owned subsidiary of TransForce, of 100% of the shares of Services Matrec Inc. and of the other indirect wholly-owned subsidiary companies comprising TransForce’s Waste Management segment. The transaction is expected to close on February 1, 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.
“We are very pleased to have entered into this agreement with GFL. Through this sale, we believe that TransForce will realize full value for the Waste Management segment which, in our view, has never been fully recognized,” said TransForce Chairman, President and CEO Alain Bédard. “On behalf of our customers and shareholders, I want to sincerely thank the many employees of our Waste Management segment for their devoted service,” Bédard added.