The Globe and Mail reports in its Tuesday, Jan. 7, edition that GFL Environmental is selling a majority interest in its environmental services division to Apollo Global Management and BC Partners for $6.2-billion in cash. The Globe's Tim Kiladze and Robyn Doolittle write that the business is appealing to private equity buyers due to its predictable revenue and infrastructure asset status. GFL, having expanded under multiple private equity owners, went public in March, 2020. The deal assigns an $8-billion enterprise value to the environmental services division. After the transaction, Apollo and BC Partners will each own 28 per cent, with GFL retaining 44 per cent. GFL values its equity interest at $1.7-billion. GFL will use up to $3.75-billion of the cash proceeds to pay down its $9.5-billion debt load, and will use the remaining $2.25-billion for share repurchases and general corporate purposes. Apollo is a new business partner for GFL, while BC Partners is already GFL's largest shareholder -- and therefore already has some ownership of the division. Under the terms of the transaction, GFL has the option, but not an obligation, to repurchase the environmental services business within five years.