GFL Environmental Explores Sale as Stock Slumps

GFL Environmental (NYSE: GFL ), a top rival to Waste Management (NYSE: WM ) is reportedly exploring a sale to either a competitor or a buyout firm as its stock remains under pressure. According to Bloomberg, the company is talking to advisors about a potential deal, which would be one of the biggest in the industry. It has received bids from some of the potential buyout companies. GFL, which is listed in New York and Toronto, has a market capitalization of over $14.5 billion and carries $7.1 billion in debt. That debt may make bring challenges to a potential deal. Also, the potential buyer may need to convince Patrick Dovigi, its CEO and founder, to roll over his stake. The potential buyout comes a year after Apollo Global Management (NYSE: APO ) and BC Partners bought a majority stake in its services unit. It also sold a minority stake in Green Infrastructure Partners to Energy Capit...