GFL Environmental Inc. Initial Public Offering of $1.425 Billion of Subordinate Voting Shares and $775 Million of Tangible Equity Units

Davis Polk advised the underwriters, in connection with a $2.2 billion dual-listed U.S. and Canadian initial public offering of 75,000,000 subordinate voting shares and 15,500,000 tangible equity units by GFL Environmental Inc. (“GFL”). GFL’s subordinate voting shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GFL.” GFL’s tangible equity units are listed on the New York Stock Exchange under the symbol “GFLU.”

Headquartered in Vaughan, Ontario, GFL is the fourth-largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure and soil remediation and liquid waste management services through its platform of facilities across Canada and in 23 states in the United States. Across its organization, GFL has a workforce of more than 11,500 employees and provides its broad range of environmental services to more than 135,000 commercial and industrial customers and its solid waste collection services to more than four million households.

The Davis Polk capital markets team included partners Deanna L. Kirkpatrick and Shane Tintle and associates John H. Runne, Amy Mao, Ariel Rivera and Yuchen Han. The equity derivatives team included partner Mark J. DiFiore and associate Hanbing Zhang. Partner Rachel D. Kleinberg and associate Adam R. Brownstone provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.