GFL to Acquire SECURE Waste Infrastructure at $6.4B EV, Boosts FCF by 12–15%
GFL will acquire SECURE Waste Infrastructure for $24.75 per share, representing a $6.4 billion enterprise value paid 80% in stock and 20% in cash. The transaction boosts pro forma Adjusted EBITDA margin to 31.6%, increases free cash flow conversion to 40.5–42.5%, and raises FCF per share by 12–15%.
1. Transaction Overview
GFL entered a definitive agreement to acquire all issued and outstanding common shares of SECURE Waste Infrastructure for $24.75 per share, implying a $6.4 billion enterprise value. Consideration comprises 80% GFL subordinate voting shares and 20% cash, with the transaction fully financed and free of financing conditions.
2. Financial Impact
The acquisition is immediately accretive, expected to increase Adjusted free cash flow per share by 12% to 15% and raise pro forma Adjusted EBITDA margin to 31.6%. Free cash flow conversion is forecast at 40.5% to 42.5%, while targeted year-end net leverage remains in the low-to-mid 3x range.
3. Strategic Rationale
SECURE operates over 80 locations across Western Canada and North Dakota, including landfills, recycling facilities and injection wells, supporting a vertically integrated waste platform. The deal densifies GFL's Western Canadian footprint, expands service offerings and leverages SECURE's strong margins and low capital intensity.
4. Approvals and Timeline
The Boards of both companies have unanimously approved the arrangement, with major shareholders committing their votes. A special meeting is expected in late May 2026 to seek SECURE shareholder approval, after which the transaction will close under a plan of arrangement governed by Alberta law.