Toronto-based waste management company GFL Environmental (TSX:GFL) is buying the majority of industrial waste processor Terrapure Environmental for $927.5 million.
Under terms of the deal, GFL will buy Terrapure’s solid waste and environmental solutions divisions, but the transaction excludes the company’s battery recycling operations.
“Terrapure’s assets are highly complementary to our existing solid and liquid waste footprint in Canada,” said GFL Chief Executive Officer Patrick Dovigi in a news release. “All of their service offerings are currently provided by GFL resulting in expected integration and cross-selling opportunities, as well as the expansion of our operations into new regions.”
GFL expects the deal to close in the third or fourth quarter of 2021. Terrapure’s 1,600 employees are expected to join GFL’s ranks once the deal concludes.
The Terrapure transaction is the latest in a series of acquisitions for GFL, including a $863.5-million U.S. deal to buy some assets divested in the wake of Waste Management’s purchase of Advanced Disposal Services in 2020.