GFL Environmental Inc. provides non-hazardous solid waste management services in Canada and the United States. Its services include collection, transportation, transfer, recycling, and disposal for municipal, residential, commercial, and industrial customers. The company was incorporated in 2007 and is headquartered in Miami Beach, Florida.
GFL's Take-Private Bidding War Heats Up as SECURE Deal Closes
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Take-private bidding war intensifies Two competing private equity consortiums — KKR/Blackstone/Energy Capital and Brookfield/IFM — are bidding for GFL, with CEO Dovigi open to a higher offer and willing to roll his stake. This buyout interest supports a higher share price as investors anticipate a premium deal.
This is the latest and most concrete development in the ongoing take-private saga, directly lifting GFL's stock.
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SECURE acquisition completed GFL closed its C$6.4 billion SECURE Waste acquisition, funded with shares, a revolver draw, and a new US$1 billion term loan. The deal expands GFL's platform in Western Canada and North Dakota, and management targets mid-3s leverage, which could support future growth.
This is a major completed event that changes GFL's business mix and financial profile, influencing its value.
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Stock seen undervalued after FY2025 results FY2025 results showed revenue of CA$6.62 billion, EBITDA of CA$1.99 billion, and free cash flow of CA$755.9 million. Analysts' consensus target of CA$70.55 implies the stock is 17.6% undervalued, highlighting potential upside.
This provides a fundamental valuation anchor that supports the bullish case for GFL.
Q3 2026
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GFL's Take-Private Bidding War Heats Up as SECURE Deal Closes
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Take-private bidding war intensifies Two competing private equity consortiums — KKR/Blackstone/Energy Capital and Brookfield/IFM — are bidding for GFL, with CEO Dovigi open to a higher offer and willing to roll his stake. This buyout interest supports a higher share price as investors anticipate a premium deal.
This is the latest and most concrete development in the ongoing take-private saga, directly lifting GFL's stock.
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SECURE acquisition completed GFL closed its C$6.4 billion SECURE Waste acquisition, funded with shares, a revolver draw, and a new US$1 billion term loan. The deal expands GFL's platform in Western Canada and North Dakota, and management targets mid-3s leverage, which could support future growth.
This is a major completed event that changes GFL's business mix and financial profile, influencing its value.
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Stock seen undervalued after FY2025 results FY2025 results showed revenue of CA$6.62 billion, EBITDA of CA$1.99 billion, and free cash flow of CA$755.9 million. Analysts' consensus target of CA$70.55 implies the stock is 17.6% undervalued, highlighting potential upside.
This provides a fundamental valuation anchor that supports the bullish case for GFL.
News & notes movingGFL
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Climate Adaptation & Water▲impact 4
GFL Environmental Jumps 4% as Two Private Equity Consortia Submit Takeover Bids
GFL Environmental rose 4% on a report that two private equity groups have made offers for the company. GFL's special committee is evaluating the takeover offers with its adviser, according to traders who cited a CTFN report circulating on Friday that cited a source familiar with the matter. One group consists of private equity firms KKR, Blackstone, and Energy Capital Partners, while the other group includes Brookfield Asset Management and IFM Investors. The bids likely need to be at the top end of the $50 to $55 a share range that CTFN previously reported to get across the finish line, and GFL has also received interest from strategic buyers for certain markets or regions. GFL CEO Patrick Dovigi told Bloomberg TV last month that he is open to taking the company private at a higher valuation than it currently trades at, saying no decision has been made, and GFL is set to report Q3 results on Oct. 28.
Climate Adaptation & Water › Waste Management & Circular Economy Capital
GFL · Capital · Positive Two private equity consortia submitted takeover bids for GFL, with the special committee evaluating the offers.
BAM · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for Brookfield are given.
BX · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Blackstone.
KKR · Capital · Neutral Named as part of a private equity consortium bidding for GFL, but no specific terms or outcome for KKR.
Energy Capital Partners · Capital · Neutral Named as part of a private equity group bidding for GFL, with no deal terms or impact specific to Energy Capital Partners.
IFM Investors · Capital · Neutral Named as part of a consortium bidding for GFL, but no specific terms or outcome for IFM Investors.
GlobalUnited StatesCanadaFranceUnited Arab Emirates
Energy Transition & Power Demand
Oil and Gas PE Deal Count Falls 60% in Q2 to 16 Deals Worth $3.4 Billion
Oil and gas private equity deal count fell 60% quarter-over-quarter in Q2 to just 16 deals, worth $3.4 billion, as investor confidence was hit amid ongoing price volatility. Of those deals, just three were new platform buyouts, according to PitchBook's Q2 2026 Oil & Gas Report, with the rest secondary buyouts, tuck-ins or carveouts as firms managed existing holdings rather than deploying fresh capital. The largest deal was CPP Investments' $1.2 billion growth investment in Texas-based gas and LNG platform Caturus, while Paris-headquartered Antin Infrastructure Partners took the third-largest spot with its $164.5 million acquisition of Texas-based Sapphire Gas Solutions, bought from Apollo funds through Flagship Fund V. The $39 billion in M&A deal value marked a 20.3% QoQ drop, though on an annualised basis 2026 deal value is tracking 10% ahead of 2025, and the three largest M&A transactions of the quarter all involved companies headquartered in Calgary, Alberta: Shell's $16.4 billion purchase of ARC Resources, GFL Environmental's $4.6 billion acquisition of Secure Energy Services, and Keyera's $3.9 billion buy of Plains Midstream Canada. The report also noted that the continued closure of the Strait of Hormuz has drawn OECD government oil inventories down by 163 million barrels to their lowest level since 1990, while the UAE ended its OPEC and OPEC+ membership on May 1 and a widening Red Sea conflict threatens the Bab el-Mandeb Strait, the Suez Canal and the SUMED pipeline.
Energy Transition & Power Demand › Natural Gas Value Chain Capital
SHEL.LSE · Capital · Positive Shell's $16.4 billion purchase of ARC Resources was the largest M&A transaction of the quarter, a major capital deployment.
ARC Resources Ltd. · Capital · Positive ARC Resources was acquired by Shell for $16.4 billion, one of the quarter's three largest M&A deals.
Caturus · Capital · Positive CPP Investments made a $1.2 billion growth investment in Caturus, the largest oil and gas PE deal of Q2.
Keyera Corp. · Capital · Positive Keyera's $3.9 billion buy of Plains Midstream Canada was among the quarter's three largest M&A transactions.
Sapphire Gas Solutions · Capital · Positive Antin Infrastructure Partners acquired Sapphire Gas Solutions for $164.5 million, the third-largest PE deal of the quarter.
Secure Energy Services Inc. · Capital · Positive GFL Environmental's $4.6 billion acquisition of Secure Energy Services was one of the quarter's three largest M&A deals.
KKR-Blackstone and Brookfield-IFM consortiums bid for GFL Environmental
Two competing private equity consortiums have emerged for GFL Environmental, setting up a bidding war over a target carrying $28 billion in combined equity value and debt, Bloomberg News reported Wednesday evening. KKR & Co., Energy Capital Partners, and Blackstone Inc. have formed one consortium, while Brookfield Asset Management and IFM Investors have teamed on a rival offer. GFL carries a market capitalization of roughly $18 billion alongside approximately $10 billion in debt, implying a total enterprise value approaching $28 billion. CEO Patrick Dovigi said on Bloomberg TV that he is open to taking the company private at a higher valuation than its current stock price and would roll his entire ownership stake into any transaction. GFL's special committee, formed in July after the company retained advisers following preliminary takeover interest, is expected to take time evaluating the competing proposals and could ask bidders to sharpen their offers, with a decision possible within weeks. At roughly $28 billion in enterprise value, a completed GFL transaction would rank just below the AES Corp. takeover, currently the largest announced North American LBO of 2026 at approximately $33 billion including debt.
GFL · Capital · Positive GFL Environmental is the takeover target of two competing consortiums, with CEO open to going private at a higher valuation.
BAM · Capital · Positive Brookfield Asset Management teamed with IFM Investors on a rival bid for GFL Environmental, a potential ~$28B take-private deal.
BX · Capital · Positive Blackstone Inc. formed a consortium with KKR and Energy Capital Partners to bid for GFL Environmental.
KKR · Capital · Positive KKR & Co. is part of a consortium bidding for GFL Environmental in a potential ~$28B take-private.
Energy Capital Partners · Capital · Positive Energy Capital Partners joined KKR and Blackstone's consortium bidding for GFL Environmental.
IFM Investors · Capital · Positive IFM Investors teamed with Brookfield Asset Management on a rival offer for GFL Environmental.
GFL Closes SECURE Waste Acquisition With 75M Shares and US$1B Term Loan
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.
GFL · Capital · Positive GFL closed its C$6.4B SECURE Waste acquisition, funded via 75.1M shares, revolver draw, and a new US$1B term loan, expanding its platform and targeting mid-3s leverage.
Secure Waste Infrastructure Corp. · Capital · Positive GFL completed its C$6.4B acquisition of SECURE Waste Infrastructure, with SECURE shareholders receiving 80% in GFL shares and 20% cash
SECURE Waste Infrastructure to Exit S&P/TSX Composite Index
S&P Dow Jones Indices announced that SECURE Waste Infrastructure will be removed from the S&P/TSX Composite Index before the open on September 4, 2026, following its combination with GFL Environmental. Under the deal, each SECURE share will be exchanged for C$4.95 in cash and 0.3356 of a GFL subordinate voting share. GFL's shares outstanding will increase to 422,532,512, while its investable weight factor will rise to 0.78 to reflect the transaction. If the company is suspended before removal, its closing price will be derived from GFL's closing price and the transaction consideration.
Secure Waste Infrastructure Corp. · Capital · Neutral SECURE is being removed from the S&P/TSX Composite Index following its combination with GFL Environmental, with each share exchanged for C$4.95 cash plus 0.3356 GFL shares.
GFL · Capital · Positive GFL acquires SECURE via share-and-cash deal, increasing its shares outstanding and index weight as it absorbs SECURE's business.
GFL Environmental Seen 17.6% Undervalued After FY2025 Results
GFL Environmental drew renewed attention after releasing FY2025 results that highlighted revenue of CA$6.62b, adjusted EBITDA of CA$1.99b, and adjusted free cash flow of CA$755.9m. The most followed narrative on GFL Environmental pegs fair value at CA$70.55 per share, compared with the latest close at CA$58.13, implying the stock is 17.6% undervalued. Analysts have a consensus price target of CA$70.55, with the most bullish at CA$90.0 and the most bearish at CA$55.0. The company also underscored dividend sustainability supported by recurring waste management revenue and improving margins, while outlining FY2026 plans that balance growth investment, leverage reduction, and ongoing shareholder returns. However, there are still clear swing factors for GFL Environmental, including execution risk around the ES business sale and sensitivity to commodity prices and currency moves.
GFL Environmental receives offers from at least six private equity groups
GFL Environmental has received offers from at least six private equity groups by the end of last week, sending shares up 1.8%. The board is now evaluating which bidder group, if any, to proceed with, according to a CTFN report citing a source familiar. CEO Patrick Dovigi is expected to remain in his role after any deal and is reportedly willing to consider a take-private offer of around $50 a share if he can roll over his entire stake. Dovigi confirmed the company has received unsolicited preliminary expressions of interest and that a special committee of independent directors has been formed to oversee discussions, though there is no guarantee a transaction will result. Shares rose an additional 2% in after-hours trading.
GFL · Capital · Positive GFL received take-private offers from at least six private equity groups, with CEO willing to consider a ~$50/share deal, driving shares higher.
GFL Environmental shares slid after announcing a large Western Canada acquisition
GFL Environmental Inc. shares detracted from performance in the second quarter despite better-than-expected first-quarter results and raised full-year guidance, according to Alger Mid Cap Focus Fund. The weakness centered on GFL's announcement of a sizeable acquisition that expands its presence in Western Canada, which pressured the stock as investors weighed the equity component used to fund the deal and the integration involved in absorbing a large new platform. GFL Environmental is one of the largest diversified environmental services companies in North America, providing solid waste collection, recycling, and related services across Canada and a broad footprint of U.S. states. On July 17, 2026, the stock closed at $39.56 per share, reflecting a market capitalization of $14.28 billion, and posted a one-month return of 13.03% while losing 15.87% over the past 52 weeks.
GFL · Capital · Negative Shares slid as investors weighed the equity component used to fund a large Western Canada acquisition and the integration risk of absorbing a big new platform.
GFL Environmental CEO willing to accept takeover offer around $50 per share
GFL Environmental CEO Patrick Dovigi is willing to consider a take-private offer of around $50 a share if he can roll over his entire stake, according to a CTFN report. The report follows a Bloomberg story that GFL is weighing a potential take-private transaction after drawing interest from buyout firms, sending shares up 9% on Monday. Traders cited the CTFN report saying the talks are real and inbound interest is building, with a source familiar noting shares should trade around $60 based on fundamentals. Private equity firms that may be interested include Apollo, Blackstone, BlackRock, Oaktree, KKR, and BC Partners. GFL and the named firms did not respond to requests for comment.
GFL · Capital · Positive CEO willing to accept a take-private offer around $50/share, with buyout interest building, driving a potential M&A transaction.
GFL Environmental announced a cash dividend of US$0.0169 per share for the second quarter of 2026. The dividend will be paid on July 31, 2026 to shareholders of record as of July 13, 2026. The company designated the dividend as an eligible dividend under Canadian income tax rules.
GFL Environmental Sets July 29 for Q2 2026 Earnings Release
GFL Environmental will release its 2026 second quarter financial results after market close on Wednesday, July 29, 2026, and host an investor conference call the following morning at 8:30 a.m. Eastern Time. The call can be accessed via live audio webcast on the company's investors page or by dialing 1-833-769-6440 in Canada or 1-833-461-5787 in the United States, using meeting ID 884 908 323. Participants are encouraged to pre-register online to receive a conference access code and PIN for immediate access. GFL is the fourth largest diversified environmental services company in North America, with operations across Canada and 18 U.S. states and a workforce of more than 15,000 employees.
GFL Environmental Joins the Russell 1000® and Russell 3000® Indices
GFL Environmental has been added to the U.S. large-cap Russell 1000® Index and the broad-market Russell 3000® Index, effective at the opening of U.S. equity markets on June 29, 2026. The inclusion follows the 2026 Russell Index Reconstitution, which ranks the 4,000 largest U.S. stocks by total market capitalization. The company relocated its executive headquarters to Florida earlier this year to align with its expanding presence in the Southeastern United States and to gain broader index eligibility. Founder and CEO Patrick Dovigi stated that joining the Russell 1000® unlocks access to a wider base of global passive and active investors while preserving eligibility for Canadian equity indices. Approximately US$12.2 trillion in assets were benchmarked against Russell U.S. Indexes as of June 2025.
GFL · Capital · Positive GFL Environmental was added to the Russell 1000 and Russell 3000 indices, unlocking access to a wider base of passive and active investors.
GFL Environmental Prices $750 Million Senior Notes at 5.625% Coupon
GFL Environmental has priced a private offering of $750 million in senior notes due 2031 with a 5.625% coupon. The effective rate drops to approximately 4.5% after planned cross-currency interest rate swaps. Proceeds will repay revolving credit facility amounts, fund fees, and support the acquisition of SECURE Waste Infrastructure Corp. and other growth initiatives. The company expects the offering to lower its average effective borrowing rate and remain leverage neutral while maximizing liquidity. GFL shares edged up 0.14% to $35.05 in pre-market trading.
GFL · Capital · Positive GFL priced $750M senior notes at 5.625% (effective ~4.5% after swaps) to repay revolver and fund the SECURE Waste acquisition, lowering its average borrowing rate while staying leverage neutral.
Secure Waste Infrastructure Corp. · Capital · Positive GFL's acquisition of Secure Waste is funded partly by this note offering, indicating growth investment.
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