VAUGHAN, Ont. GFL Environmental Inc. announces it has reached an agreement with the Competition Bureau. This Bureau had challenged Terrapure Environmental Ltd.’s purchase of Terrapure Environmental Ltd. in the past year.
According to the agreement, the company will sell four liquid-waste facilities and three tank farm in Western Canada.
GFL estimates that the sites will generate about $20 million in annual revenue.
The Competition Bureau stated that Terrapure was GFLs closest competitor in terms of industrial waste services, oil recycling services, and markets in Western Canada. It also indicated that the acquisition would likely significantly reduce competition.
It had filed a late last year application to the Competition Tribunal for a court order requiring GFL’s sale of any assets necessary to correct the reductions in competition.
GFL announced last year that it would buy Terrapure’s solid and environmental waste business and its subsidiaries for approximately $927 million. The deal did not include Terrapures battery recycling company. It was completed in August.
This report by The Canadian Press first appeared April 14, 2022.
This story contains companies: (TSX.GFL).
SHARE: