(Reuters) – 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.

The Vaughan, Ontario-based company, which offers services in solid waste management, liquid waste management and soil remediation, said it would retain a C$1.7 billion equity interest in the environmental services business.

It expects to realize cash proceeds of about C$6.2 billion net of the retained equity and taxes.

The company also intends to use up to C$3.75 billion of the net proceeds to repay debt, making available up to C$2.25 billion for share repurchases.

($1 = 1.4305 Canadian dollars)

(Reporting by Anshuman Tripathy in Bengaluru; Editing by Shilpi Majumdar)