Apollo Global Management Inc. and BC Partners agreed to acquire a controlling stake in GFL Environmental Inc.’s environmental services unit, in a deal that values the business at C$8 billion ($5.6 billion) including debt.

The waste management giant can use cash proceeds from the sale to Apollo and BC Partners to pay down its existing debt, but the complex transaction will add new debt

The deal also gives GFL an option, but not an obligation, to repurchase the environmental services business within five years of the closing of the sale

GFL Environmental will sell its environmental services division to Apollo Global Management and BC Partners in a deal valued at C$8 billion ($5.59 billion), the Canadian waste management company said on Tuesday.