TransForce Inc. agreed to sell its waste management division to Canada’s GFL Environmental Inc. for C$800 million ($606.1 million) as the seller moves to focus on its other trucking business.
The announcement by TransForce, which ranks No. 9 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, last week includes Services Matrec and other companies in that unit. Waste management, which accounts for about 6% of TransForce revenue, was targeted as a sale candidate in an announcement earlier this month. “Through this sale, we believe that TransForce will realize full value for the waste management segment which, in our view, has never been fully recognized,” TransForce CEO Alain Bédard said.
Montreal-based TransForce said the transaction is expected to be completed in February.
A portion of the sale price may be paid in shares of GFL.