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GFL Environment reaches agreement with Competition Bureau

Canadian Press - Thu Apr 14, 6:32AM CDT

VAUGHAN, Ont. — GFL Environmental Inc. says it has reached a deal with the Competition Bureau, which had challenged the company's purchase of Terrapure Environmental Ltd. last year.

Under the agreement, the company says it will sell four liquid waste facilities and three tank farms in Western Canada.

GFL says the sites were expected to generate annual aggregate revenue of about $20 million this year.

The Competition Bureau had said Terrapure was GFL's closest competitor for industrial waste services and oil recycling services in markets in Western Canada and that the acquisition likely substantially lessened competition.

It had filed an application with the Competition Tribunal late last year for a court order requiring GFL to sell any assets necessary to correct the reduction in competition.

GFL announced a deal last year to buy the solid waste and environmental solutions business of Terrapure and its subsidiaries for about $927 million. The deal, which excluded Terrapure's battery recycling business, closed in August.

This report by The Canadian Press was first published April 14, 2022.

Companies in this story: (TSX:GFL)