TransForce officially completed the sale of its waste management segment to GFL Environmental for $800 million.
At closing, GFL paid $775 million to TransForce, subject to customary closing adjustments, and issued a promissory note to TransForce in an amount of $25 million, payable in four years and bearing interest at an annual rate of 3%.
The transaction consisted 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.
“We are very pleased to have completed this transaction with GFL. Through this sale, we believe that TransForce has realized full value for the waste management segment,” said TransForce chairperson, president and CEO Alain Bédard. “Once again, I want to sincerely thank the many employees of our Waste Management segment for their devoted service.”