GFL Environmental Closes $1B SECURE Waste Acquisition, Expands Scale
Event summary
- GFL Environmental closed its acquisition of SECURE Waste Infrastructure Corp. on September 1, 2026, financed through a $1B senior secured term loan, revolving credit, and 75.1M shares issued.
- The deal adds over 2,000 SECURE employees to GFL's workforce, with SECURE management staying on as GFL employees and shareholders.
- SECURE shares will be delisted from the Toronto Stock Exchange, with GFL shares issued to SECURE shareholders beginning trading on September 2, 2026.
- GFL expects the acquisition to accelerate its multi-year financial targets outlined in early 2025 and maintain net leverage in the mid-3s.
The big picture
The acquisition solidifies GFL's position as the fourth-largest diversified environmental services company in North America, expanding its footprint across Canada and 19 U.S. states. The deal underscores GFL's aggressive growth strategy through M&A, leveraging debt financing to scale operations while maintaining a focus on credit rating improvements. The waste management sector continues to consolidate, with larger players like GFL seeking to capture economies of scale and enhance service offerings.
What we're watching
- Integration Execution
- How GFL will assimilate SECURE's operations and workforce into its existing platform without operational disruptions.
- Debt Management
- Whether GFL can maintain its targeted net leverage while pursuing further acquisitions and its path to investment grade.
- Financial Guidance
- The pace at which GFL updates its 2026 guidance to reflect SECURE's contributions and the impact on its multi-year targets.
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