GFL Environmental Inc. (NYSE:GFL) shares are tumbling on Monday as the company announced its acquisition of SECURE Waste Infrastructure Corp. for about $6.4 billion.

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The environmental services company plans to finance the acquisition through a combination of 80% in GFL subordinate voting shares and 20% in cash. 

SECURE shareholders can choose to receive $24.75 in cash, 0.4195 GFL subordinate voting shares, or a mix of $4.95 in cash plus 0.3356 GFL shares per share held.

Transaction Details

Under the deal terms, the company agreed to acquire all outstanding common shares of SECURE for $24.75 per share.

It represents a 23% premium to SECURE's 60-day volume-weighted average price as of April 10, 2026.

This acquisition aims to expand GFL’s waste management services and is supported by a strong management team from SECURE.

The deal is expected to enhance GFL’s operational footprint in Western Canada.

The acquisition is expected to close in the second half of 2026, subject to customary closing conditions.

Following the completion, SECURE common shares will be delisted from the TSX and will cease to be a reporting issuer under Canadian securities laws.

As of Dec. 31, GFL’s cash position stood at $85.6 million.

Synergies & Benefits

The acquired assets, combined with SECURE's strong margins and lower maintenance capital needs, are expected to ...