GFL Environmental (GFL) said Monday that it has completed the sale of its environmental services business for an enterprise value of $8 billion.

The company said that it still owns a $1.7 billion equity interest in the business following the sale.

GFL said it plans to use up to $3.75 billion of the net proceeds from the sale to repay debt, and make available up to $2.25 billion for share repurchases, with the remainder going toward transaction fees and general corporate purposes.

Shares of GFL Environmental were up 1.4% in recent premarket activity.