GFL Environmental (GFL) said Thursday that Green Infrastructure Partners has entered into a deal with Energy Capital Partners-managed funds to recapitalize its business at an enterprise value of 4.25 billion Canadian dollars ($3.09 billion).

At closing, Green Infrastructure Partners will get gross proceeds of CA$775 million, about CA$585 million of which will be returned to its shareholders and CA$175 million will be used to fund growth, GFL said.

GFL said it will receive about CA$200 million of the CA$585 million shareholder distribution and will own a roughly 30.1% stake in Green Infrastructure Partners valued at about CA$895 million.

The deal is expected to close on or about Sept. 2, GFL said.

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