GFL Environmental Inc. completed its acquisition of SECURE Waste Infrastructure, adding a specialized waste and energy-infrastructure platform across Western Canada and North Dakota. At announcement, the transaction carried a C$6.4 billion enterprise value, with shareholder consideration split 80% in GFL shares and 20% in cash. Closing required issuing 75,126,306 subordinate voting shares, drawing on a revolving credit facility, and a new US$1 billion senior secured term loan that matures in August 2033 and pays the Secured Overnight Financing Rate plus 200 basis points, which GFL estimates at roughly 5% after cross-currency interest-rate swaps. SECURE brings more than 80 locations, including landfills, waste-treatment and recycling facilities, injection wells, transfer stations, crude oil terminals and pipeline-connected infrastructure, and more than 2,000 SECURE employees are joining the combined company under SECURE President and Chief Executive Officer Allen Gransch. GFL projected a 31.6% pro forma company-defined non-IFRS adjusted EBITDA margin at announcement and continues to target year-end company-defined non-IFRS net leverage in the mid-3s, while planning to update 2026 guidance for SECURE with its third-quarter results.
Chevron Corp
Gfl Environmental Holdings IncGFL completed its C$6.4B acquisition of SECURE Waste Infrastructure, with SECURE shareholders receiving 80% in GFL shares and 20% cash
