Story perspectives

GFL Eyes $21B Take-Private Amid $7.1B Debt

7/4/2026

Summary

GFL Explores Take-private

GFL Environmental Inc. is exploring a potential take-private transaction after buyout interest was reported.
The company has held talks with two private-equity firms, with one offer more formalized than the other.
GFL’s shares rose 7 % on Friday, valuing the company at $21 billion despite $7.1 billion of debt that could complicate a buyout.
In April, GFL acquired Secure Waste Infrastructure Corp. for $5.4 billion, paying 80 % in stock and 20 % in cash.

Summary

GFL Merger Approved

SECURE Waste Infrastructure shareholders ratified the merger with GFL, approving it by 78.81% of votes.
The merger secured Hart-Scott-Rodino antitrust clearance.
Alberta’s Court of King’s Bench gave final judicial sign-off on May 28.
GFL raised $750 million in 5.625% senior notes due 2031 to refinance debt.
GFL announced a $0.0169 quarterly dividend for shareholders of record July 13, payable late July.

History

Historical Context

Waste Management, founded in 1968 by Wayne Huizenga and partners, grew through 1990s mergers—including the 1998 purchase of USA Waste Services that created a national leader—and settled a $30.8 million accounting case in 2005. That same year the DOJ approved its $6.5 billion acquisition of Waste Services Inc., a model echoed by GFL’s 2024 $5.4 billion deal.

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GFL Explores Take-private

GFL Environmental Inc. is exploring a potential take-private transaction after buyout interest was reported.
The company has held talks with two private-equity firms, with one offer more formalized than the other.
GFL’s shares rose 7 % on Friday, valuing the company at $21 billion despite $7.1 billion of debt that could complicate a buyout.
In April, GFL acquired Secure Waste Infrastructure Corp. for $5.4 billion, paying 80 % in stock and 20 % in cash.

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