The head of waste management company GFL Environmental Inc. (GFL.TO) says the firm could use more than $2 billion from the recent sale of its environmental services unit to repurchase its own shares for the first time since going public in 2020.

GFL's CEO and Founder Patrick Dovigi told BNN Bloomberg in a Tuesday interview that the majority of the proceeds from the $6.2 billion sale will go towards paying down debt, with much of the remainder available to be used for buybacks on Canadian and U.S. exchanges.

"We filed our normal course issuer bid paperwork to buy back up to 10% of the float...expect to see us be active buyers in the market of our stock starting on March 4," he said.

Dovigi said he expects the sale of the environmental services unit to officially close on Saturday, and the proceeds from it to go into company coffers on March 3.

"We think there's significant upside to the stock from here and obviously the more amount of stock we can buy back at these levels, the better for us and all shareholders," he said.

Dovigi's comments came a day after GFL reported its fourth quarter and full year earnings from 2024. The company said it brought in $1.99 billion worth of revenue in the fourth quarter, and $7.86 billion for the full year.

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