Dive Brief:
- TransForce Inc. (TFI), a North American transportation and logistics company, has closed on the sale of its waste management segment to Toronto-based GFL Environmental Inc., for $800 million. At the transaction's completion, GFL paid $775 million to TransForce, subject to adjustments, and issued a promissory note for $25 million at 3% interest.
- TFI Holdings Inc., a wholly-owned subsidiary of TransForce, sold all shares from Services Matrec Inc. and of other subsidiary operations from the company's waste management segment. Proceeds will support strategic acquisitions, its normal course issuer bid, and be used to cut debts.
- The transportation and logistics company has subsidiaries throughout Canada and the United States and specializes in strategic acquisitions and managing wholly-owned operating subsidiaries, providing financial and operational support.
Dive Insight:
The past year, and even month, have been a time for selling and purchasing as companies consolidate, add services and assets to expand its reach and platform and unloading others.
"Through this sale, we believe that TransForce has realized full value for the waste management segment," said TransForce Chairman, President and CEO Alain Bédard.
