KKR-Blackstone and Brookfield-IFM consortiums bid for GFL Environmental

M&A · PartnershipCorporate Action Impact 4
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Summary · why it matters

Two competing private equity consortiums have emerged for GFL Environmental, setting up a bidding war over a target carrying $28 billion in combined equity value and debt, Bloomberg News reported Wednesday evening. KKR & Co., Energy Capital Partners, and Blackstone Inc. have formed one consortium, while Brookfield Asset Management and IFM Investors have teamed on a rival offer. GFL carries a market capitalization of roughly $18 billion alongside approximately $10 billion in debt, implying a total enterprise value approaching $28 billion. CEO Patrick Dovigi said on Bloomberg TV that he is open to taking the company private at a higher valuation than its current stock price and would roll his entire ownership stake into any transaction. GFL's special committee, formed in July after the company retained advisers following preliminary takeover interest, is expected to take time evaluating the competing proposals and could ask bidders to sharpen their offers, with a decision possible within weeks. At roughly $28 billion in enterprise value, a completed GFL transaction would rank just below the AES Corp. takeover, currently the largest announced North American LBO of 2026 at approximately $33 billion including debt.

Impact on stocks 7

Climate Adaptation & Water▲ · 3 stocks
Financials▲ · 1 stocks
Brookfield Asset Management Ltd.
BAM
▲ PositiveCapitalrelevance

Brookfield Asset Management teamed with IFM Investors on a rival bid for GFL Environmental, a potential ~$28B take-private deal.

Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone Inc. formed a consortium with KKR and Energy Capital Partners to bid for GFL Environmental.

Aging Population▲ · 1 stocks
KKR & Co. Inc.
KKR
▲ PositiveCapitalrelevance

KKR & Co. is part of a consortium bidding for GFL Environmental in a potential ~$28B take-private.

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 2

Energy Capital PartnersPrivate▲ Positive
Capitalrelevance

Energy Capital Partners joined KKR and Blackstone's consortium bidding for GFL Environmental.

IFM InvestorsPrivate▲ Positive
Capitalrelevance

IFM Investors teamed with Brookfield Asset Management on a rival offer for GFL Environmental.

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