Simpson Thacher represented GFL Environmental Inc. (“GFL”) in connection with the fully committed bridge financing (the “Bridge Facility”) for its announced acquisition of SECURE Waste Infrastructure (“Secure”) pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of Secure for $24.75 per Secure common share, representing an enterprise value of approximately $6.4 billion (the "Acquisition"). The consideration for the Acquisition will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. GFL has the ability to use the net proceeds from the Bridge Facility, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Acquisition.
GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.
Secure operates a large scale, diversified waste management platform in Western Canada and North Dakota through its vertically integrated network of assets across over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and 5 transfer stations. Secure’s operations are supported by a proven management team and over 2,000 employees.
The Acquisition is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by Secure shareholders.
The Simpson Thacher team included Eli Isak, Adam Moss and Abdul Fasinro (Credit); and Ryan Bekkerus (Capital Markets).