GFL Environmental to Acquire SECURE Waste for $6.4B, Expanding Western Canada Footprint — GFL Environmental Inc.

Event summary

GFL Environmental to acquire SECURE Waste for $6.4B, with 80% stock and 20% cash consideration.
Deal expected to close in the second half of 2026, pending shareholder and regulatory approvals.
SECURE's network includes 80+ locations across Western Canada and North Dakota, including 12 landfills and 55 waste treatment facilities.
Acquisition expected to increase GFL's Adjusted EBITDA margin to 31.6% and Adjusted Free Cash Flow conversion to 40.5%-42.5%.
SECURE shareholders to receive $24.75 per share, a 23% premium over the 60-day volume-weighted average price.

The big picture

The acquisition solidifies GFL's position as a major player in North American waste management, particularly in Western Canada. It follows a trend of consolidation in the environmental services sector, as companies seek to optimize scale and operational efficiency. The deal's financial profile—immediately accretive to free cash flow and EBITDA margins—highlights the strategic value of SECURE's asset-heavy, vertically integrated platform. GFL's ability to execute this integration will be a key test of its growth strategy.

What we're watching

Integration Challenges: How GFL will manage the integration of SECURE's 2,000 employees and 80+ locations into its existing operations.
Financial Flexibility: Whether GFL can maintain its targeted net leverage in the low-to-mid 3s range post-acquisition.
Regulatory Approvals: The pace at which regulatory and shareholder approvals will be secured, given the deal's size and complexity.