お知らせ • Sep 02

GFL Environmental Inc. (TSX:GFL) completed the acquisition of SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others.

GFL Environmental Inc. (TSX:GFL) entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others for approximately CAD 5.6 billion on April 12, 2026. Pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for CAD 24.75 per SECURE common share, representing an enterprise value of approximately CAD 6.4 billion (the "Transaction"). The purchase price of CAD 24.75 per SECURE common share represents a premium of 23% to the volume weighted average price of the common shares of SECURE for the 60 trading days ending April 10, 2026. Under the terms of the Transaction, SECURE common shareholders will receive, at their election, (i) CAD 24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share or (iii) a combination of CAD 4.95 in cash and 0.3356 of a GFL subordinate voting share, for each SECURE common share held, subject to pro-ration, based on a maximum amount of GFL subordinate voting shares and maximum amount of cash as set out in the plan of arrangement, such that the aggregate consideration paid to SECURE common shareholders will consist of 80% GFL subordinate voting shares and 20% cash. GFL has obtained fully committed financing for the Transaction through a bridge facility which can be used, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Transaction. SECURE has also granted GFL a right-to-match any superior proposal and will pay a termination fee of CAD 200 million to GFL if the Arrangement Agreement is terminated in certain circumstances. GFL has agreed to pay an expense reimbursement fee of up to CAD 20 million to SECURE if the Arrangement Agreement is terminated in certain circumstances. Following completion of the Transaction, it is expected that the SECURE common shares will be delisted from the TSX and SECURE will cease to be a reporting issuer under Canadian securities laws. The Transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals, including stock exchange approvals and approval by SECURE shareholders, which is expected to take place on May 27, 2026. The Transaction has been unanimously approved by the Board of Directors of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of the issued and outstanding SECURE common shares, together with the directors and senior officers of SECURE who collectively own approximately 2% of the issued and outstanding SECURE common shares, have entered into customary voting and support agreements pursuant to which they have agreed to vote all of their SECURE common shares in favor of the Transaction at a special meeting of shareholders which is expected to be held in late May 2026. In connection with the Transaction, the SECURE Board established a special committee (the "Special Committee"), comprised entirely of independent directors, to, among other matters, review the terms of the Transaction and consider potential alternatives available to SECURE. The acquired assets coupled with SECURE's strong operating margins and lower maintenance capital intensity are expected to increase Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5%. The transaction is also expected to be immediately accretive to Adjusted Free Cash Flow per share by 12% to 15%. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end Net Leverage in the low-to-mid 3s. Additionally, the transaction increases GFL's float weighted market capitalization. On May 27, 2026, SECURE shareholders have voted in favor of the transaction. As of August 27, 2026, deadline for registered SECURE shareholders to submit their elections in respect of the consideration to be received in connection with the transaction is 5:00 p.m. (Calgary Time) on Monday, August 31, 2026. Barclays is acting as financial advisor to GFL; and Jeffrey M. Singer, Jeff Hershenfield, Jennifer G. Legge, Shawn Blundell, Lori Adams, Michael Kilby, David M. Feldman, John G. Lorito, Jill Winton, Jonathan N. Auerbach, Shawn Smith, Patrick G. Duffy, Michael B. Witt and Sabina Delvecchio of Stikeman Elliott LLP is acting as legal advisors to GFL in connection with the Transaction. Moelis & Company LLC and RBC Capital Markets are acting as financial advisors to SECURE. John Piasta and Sean S. Smyth of McCarthy Tétrault LLP is acting as lead Canadian legal counsel to SECURE in connection with the Transaction, with Bennett Jones LLP acting as Canadian competition counsel to SECURE. RBC Capital Markets provided a verbal independent fairness opinion to the SECURE Board and ATB Cormark Capital Markets provided a verbal independent fairness opinion to the Special Committee. KPMG LLP acted as accountant to GFL Environmental Inc. Computershare Trust Company of Canada acted as registrar and transfer agent to GFL Environmental Inc. Odyssey Trust Company acted as registrar to SECURE Waste Infrastructure Corp. Laurel Hill Advisory Group, LLC for a fee of approximately CAD 0.35 million acted as information of SECURE Waste Infrastructure Corp. GFL Environmental Inc. (TSX:GFL) completed the acquisition of SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others on September 1, 2026. Over 2,000 SECURE employees will join to the GFL. The Transaction was financed through a combination of capacity under the Company's revolving credit facility, the issuance of 75,126,306 GFL subordinate voting shares (the "GFL Subordinate Voting Shares") and a new $1 billion senior secured term loan ("Senior Secured Term Loan"). The Senior Secured Term Loan matures on or about August 28, 2033 and bears interest at SOFR +200 basis points or approximately 5.0% after giving effect to cross currency interest rate swaps entered into by the Company. It is expected that the SECURE common shares will be delisted from the Toronto Stock Exchange at the close of business on or about September 2, 2026. The GFL Subordinate Voting Shares received by the SECURE shareholders in connection with the Transaction will begin trading on the Toronto Stock Exchange and the New York Stock Exchange on or about September 2, 2026 under the ticker symbol "GFL".

お知らせ • Apr 14

GFL Environmental Inc. (TSX:GFL) entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others for approximately CAD 5.5 billion.

総株主利回り	3.4%
将来の配当利回り	1.7%
配当成長	5.4%
次回配当支払日	n/a
配当落ち日	n/a
一株当たり配当金	n/a
配当性向	68%

セグメント	配当利回り
会社 (SES)	1.7%
市場下位25% (CA)	1.5%
市場トップ25% (CA)	5.8%
業界平均 (Oil and Gas)	3.4%
アナリスト予想 (SES) (最長3年)	1.7%

データ	最終更新日（UTC時間）
企業分析	2026/09/01 11:00
終値	2026/09/01 00:00
収益	2026/06/30
年間収益	2025/12/31

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

アナリスト	機関
Nathan Heywood	ATB Cormark
Tim Monachello	ATB Cormark
John Gibson	BMO Capital Markets Equity Research

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SECURE Waste Infrastructure 配当と自社株買い

配当金 基準チェック /56

主要情報

最近の配当と自社株買いの更新

Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About July 15, 2026

Fourth quarter dividend increased to CA$0.10

SECURE Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About April 15, 2026

Secure Waste Infrastructure Corp. Approves Quarterly Dividend

SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10

Third quarter dividend of CA$0.10 announced

Recent updates

GFL Environmental Inc. (TSX:GFL) completed the acquisition of SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others.

GFL Environmental Completes SECURE Waste Infrastructure Acquisition With SES Set to Delist

GFL Environmental Launches $750 Million Notes Offering to Fund SECURE Waste Infrastructure Deal

Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About July 15, 2026

SECURE Waste Infrastructure Receives Final Court Approval For GFL Transaction Closing in 2026

Abrams Capital Intends to Vote Against Business Arrangement

GFL Environmental Inc. (TSX:GFL) entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. (TSX:SES) from Angelo, Gordon & Co., L.P., Solus Alternative Asset Management LP and others for approximately CAD 5.5 billion.

Insufficient new directors

Fourth quarter dividend increased to CA$0.10

SECURE Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About April 15, 2026

SECURE Waste Infrastructure Corp. to Report Q1, 2026 Results on Apr 30, 2026

Vice Chair recently sold CA$6.4m worth of stock

Price target increased by 8.8% to CA$22.06

SECURE Waste Infrastructure Corp., Annual General Meeting, Apr 30, 2026

Full year 2025 earnings: EPS exceeds analyst expectations

Secure Waste Infrastructure Corp. Approves Quarterly Dividend

SECURE Waste Infrastructure (TSE:SES) Has A Somewhat Strained Balance Sheet

Vice Chair exercised options and sold CA$550k worth of stock

SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10

Third quarter dividend of CA$0.10 announced

Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About January 15, 2026

SECURE Waste Infrastructure Corp. to Report Q4, 2025 Results on Feb 20, 2026

Vice Chair recently bought CA$497k worth of stock

Third quarter 2025 earnings released: EPS: CA$0.005 (vs CA$0.39 in 3Q 2024)

Produced Water Disposal And Metals Recycling Will Fuel Canadian Success

Price target increased by 8.3% to CA$19.61

Optimistic Investors Push SECURE Waste Infrastructure Corp. (TSE:SES) Shares Up 27% But Growth Is Lacking

Produced Water Disposal And Metals Recycling Will Fuel Canadian Success

Investor sentiment improves as stock rises 16%

Second quarter dividend of CA$0.10 announced

SECURE Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About October 15, 2025

Consensus EPS estimates fall by 11%

Second quarter 2025 earnings: EPS misses analyst expectations

First quarter dividend of CA$0.10 announced

Secure Waste Infrastructure Corp. Declares Quarterly Dividend, Payable on or About July 15, 2025

SECURE Waste Infrastructure Corp. to Report Q2, 2025 Results on Jul 29, 2025

SECURE Waste Infrastructure Corp. announced that it expects to receive CAD 900 million in funding

First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Vice Chair recently bought CA$306k worth of stock

SECURE Waste Infrastructure Corp. (TSX:SES) announces an Equity Buyback for 7.22% of its issued share capital, for CAD 200 million.

Investor sentiment deteriorates as stock falls 18%

SECURE Waste Infrastructure (TSE:SES) Is Due To Pay A Dividend Of CA$0.10

Fourth quarter dividend of CA$0.10 announced

SECURE Waste Infrastructure Corp. to Report Q1, 2025 Results on May 02, 2025

Metal Recycling Acquisition And Expansions May Offset Revenue Challenges Ahead

Independent Chairman of the Board recently bought CA$668k worth of stock

Vice Chair exercised options and sold CA$5.3m worth of stock

Independent Chairman of the Board recently bought CA$725k worth of stock

SECURE Waste Infrastructure Corp., Annual General Meeting, May 02, 2025

Now 21% undervalued after recent price drop

Is There An Opportunity With SECURE Waste Infrastructure Corp.'s (TSE:SES) 26% Undervaluation?

SECURE Waste Infrastructure Corp. to Report Q4, 2024 Results on Feb 21, 2025

Should You Be Adding SECURE Waste Infrastructure (TSE:SES) To Your Watchlist Today?

Insider recently sold CA$790k worth of stock

Vice Chair exercised options and sold CA$1.4m worth of stock

President recently sold CA$1.3m worth of stock

Third quarter dividend of CA$0.10 announced

Secure Energy Services Inc. Declares Quarterly Dividend, Payable on or About January 15, 2025

New minor risk - Insider selling

We Think Shareholders Should Be Aware Of Some Factors Beyond Secure Energy Services' (TSE:SES) Profit

Investor sentiment improves as stock rises 17%

Improved Earnings Required Before Secure Energy Services Inc. (TSE:SES) Stock's 31% Jump Looks Justified

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

Price target increased by 9.8% to CA$17.38

Price target increased by 10% to CA$15.18

Secure Energy Services (TSE:SES) Is Paying Out A Dividend Of CA$0.10

Second quarter dividend of CA$0.10 announced

Secure Energy Services Inc. to Report Q3, 2024 Results on Oct 30, 2024

配当金基準チェック /56