The acquisition enhances GFL's scale in Western Canada and is immediately accretive to cash flow. Investors should monitor integration execution and synergy realization. The deal strengthens GFL's competitive position and could lead to broader index inclusion due to increased float.
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Executive Summary
GFL Environmental is acquiring SECURE Waste Infrastructure in a $6.4 billion all-share and cash deal, expanding its Western Canadian footprint. The transaction is expected to be immediately accretive to free cash flow per share by 12-15% and improve GFL's EBITDA margin to 31.6% on a pro forma basis.
Key Facts
- GFL to acquire SECURE for $24.75 per share, representing a 23% premium
- Enterprise value of $6.4 billion with 80% stock and 20% cash consideration
- Deal expected to be immediately accretive to Adjusted Free Cash Flow per share by 12-15%
- Pro forma Adjusted EBITDA margin expected to increase to 31.6%
- Transaction fully financed with no financing conditions
- Expected to close in second half of 2026, subject to regulatory and shareholder approvals
Financial Impact
Enterprise value of $6.4 billion, increasing EBITDA margin to 31.6% and free cash flow conversion to 40.5-42.5%
Risk Factors
- Regulatory and shareholder approval risks
- Integration challenges and synergy realization
- Potential dilution from stock consideration
- Execution risk in achieving projected financial benefits
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-042265 |
| Document: tm2611664d1_6k.htm | 0001104659-26-042265 |
| Document: 0001104659-26-042265-index-headers.html | 0001104659-26-042265 |
| Document: 0001104659-26-042265-index.html | 0001104659-26-042265 |
| Document: 0001104659-26-042265.txt | 0001104659-26-042265 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 20d ago | 6-K | $42.31 $43.55 | ▲ +2.92% | ▲ +3.20% | $45.00 (+6.35%) |
Oct 1, 2026 26d ago | 6-K | $40.43 $42.33 | ▲ +4.70% | ▲ +3.40% | $45.00 (+11.30%) |
Sep 29, 2026 29d ago | 6-K | $42.20 $42.52 | ▲ +0.76% | ▼ −1.19% | $45.00 (+6.64%) |
Sep 29, 2026 29d ago | Press Release | $42.20 $42.52 | ▲ +0.76% | ▼ −1.19% | $45.00 (+6.64%) |
Sep 24, 2026 4w ago | 6-K | $41.79 $40.43 | ▼ −3.25% | ▼ −2.84% | $45.00 (+7.68%) |
Sep 24, 2026 4w ago | Press Release | $41.79 | awaiting T+5 | awaiting T+5 | $45.00 (+7.68%) |
Sep 22, 2026 5w ago | Institutional Cluster | $42.34 $42.20 | ▼ −0.33% | ▲ +0.86% | $45.00 (+6.28%) |
Sep 1, 2026 8w ago | 6-K | $41.50 $42.00 | ▲ +1.20% | ▲ +1.12% | $45.00 (+8.43%) |
Jul 2, 2026 16w ago | 6-K | $37.48 $40.10 | ▲ +6.99% | ▲ +6.06% | $45.00 (+20.06%) |
Jun 30, 2026 17w ago | 6-K | $36.79 $40.49 | ▲ +10.06% | ▲ +9.45% | $45.00 (+22.32%) |
US Market Status
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