GFL closes CAD 5.6 billion SECURE Waste Infrastructure acquisition, delisting looms

GFL Environmental completed its acquisition of SECURE Waste Infrastructure for roughly CAD 5.6 billion, funding the deal with a mix of cash and new GFL subordinate voting shares and enabling an 80/20 split between stock and cash for SECURE shareholders. The transaction, which included a substantial financing package and a right-to-match on superior proposals, will result in SECURE’s delisting from the TSX and the integration of about 2,000 SECURE employees into GFL's operations, expanding GFL’s scale and workforce. GFL also issued more than 75 million subordinate voting shares and secured a new senior secured term loan to finance the close, while signaling a target to maintain mid-3s net leverage and accelerate multi-year financial goals. Management described the closing as a milestone that enhances capital deployment capacity and accelerates guidance updates for 2026, with SECURE’s leadership staying on to manage the business under the combined entity. Market commentary from Spark’s AI analyst and TipRanks notes suggested a neutral stance due to leverage and profitability concerns, but expressed a more optimistic valuation with raised 2026 guidance. Overall, the deal positions GFL as a larger, more scale-driven player in North American waste services, with ownership and liquidity reshaped through the integration.