By Anshuman Tripathy (Reuters) -GFL Environmental said on Tuesday it would sell its environmental services division in a deal valued at C$8 billion ($5.59 billion), as the Canadian waste management company aims to pare debt and buy back shares.

The Canadian company will retain an equity interest as part of a deal with funds managed by affiliates of Apollo and BC Partners.

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.