$SES.TO

SECURE Waste Infrastructure Receives Final Order for Its $6.4-Billion Sale to GFL Environmental

SECURE Waste Infrastructure (SES.TO) said after markets closed on Thursday the Court of King's Bench of Alberta granted the final order for its $6.4-billion sale to GFL Environmental (GFL.TO).The transaction was approved by SECURE shareholders at a special meeting of SECURE shareholders held on May 27, 2026, it said."Subject to satisfaction or waiver of the other conditions to closing contained in the arrangement agreement between SECURE and GFL dated April 12, 2026, including receipt of all required regulatory approvals (of which clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been obtained), the transaction is expected to close in the second half of 2026," added the company.SECURE Waste Infrastructure's shares were last seen down $0.19 at $20.40, while GFL's shares were last seen down $0.44 at $46.82 on the Toronto Stock Exchange.Price: $20.38, Change: $-0.22, Percent Change: -1.04%

SECURE Says Transaction Expected to Close in Second Half of 2026

SECURE Waste Infrastructure Announced Receipt of Final Order For GFL Deal

Secure Waste Shareholders Vote For Transaction With GFL Environmental

Secure Waste Infrastructure (SES.TO) shareholders have overwhelmingly voted in favour of being acquired by GFL Environmental (GFL.TO) at Secure's special meeting of shareholders held earlier today, the company said on Wednesday.Secure's application to the Court of King's Bench of Alberta for a final order is expected to occur on May 28. The transaction also remains subject to regulatory approvals, and is expected to close in the second half of 2026.Secure Waste shares were last seen down $0.22, to $21.06, on the Toronto Stock Exchange.Price: $21.07, Change: $-0.21, Percent Change: -0.99%

Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Secure Shareholders Vote For Proposed Transaction With GFL

Secure Waste Infrastructure Maintained at Hold at Stifel Canada After Q1 Results; Price Target Raised to C$23.25

Stifel Canada on Friday maintained its hold rating on the shares of Secure Waste Infrastructure (SES.TO) while raising its price target to C$23.25 from C$23.00 after the company reported first-quarter results ahead of its sale to GFL Environmental (GFL.TO)."SECURE delivered a 3.7% consensus EBITDA beat in 1Q26 and guided full-year 2026 EBITDA to the high end of the previous guided range of $520 mm-$550 mm. This implies a 2.2% increase to Stifel's and consensus $538 mm EBITDA estimates prior to this update to $550 mm. We view this a solid data point that once again proves the stability and resiliency of SES's earnings profile, which bodes well for the GFL's pending acquisition of SES. We are changing our target price to $23.25 from $23.00 based on the latest closing price of GFL, while our Hold rating is unchanged," analyst Ian Gillies wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $22.72, Change: $-0.43, Percent Change: -1.86%

Earnings Flash (SES.TO) SECURE Waste Infrastructure Corp. Reports Q1 Revenue $383.0M

CIBC on GFL Environmental's Announcement of Acquisition of SECURE Waste Infrastructure

CIBC Capital Markets on Monday had an outperformer rating and a C$77 price target on the shares of GFL Environmental (GFL.TO), after the company and SECURE Waste Infrastructure (SES.TO) announced they have entered into a definitive agreement.CIBC noted that GFL's shares were down approximately 10% on the back of the announcement despite GFL expecting the acquisition to be EBITDA- and FCF-margin accretive.According to CIBC, a key concern it heard from investors is how this proposed acquisition of SES reshapes GFL's portfolio, noting the company has spent the last few years transitioning to more of a pure-play solid waste company, having spun out GIP and Environmental Services (ES).CIBC said that while SES is not a solid waste company, its financial metrics are "strong and stable." It further said that SES has a disposal-centric operating model which does "align well" with GFL's solid waste segment."More importantly, GFL emphasized that it has no intention of expanding further into E&P-centric industrial waste through additional M&A, describing SES as a unique, one-off opportunity," said CIBC. "We would also highlight that what has anchored GFL's strategy are its long-term financial targets. From that perspective, the acquisition of SES drives GFL closer to hitting these goals."While addressing key investor questions regarding the transaction, CIBC also stated that given SES's exposure to the energy sector, there is a concern that its earnings stream is "significantly more cyclical" than solid waste.CIBC noted that near 80% of SES volumes are tied to recurring production related waste streams rather than drilling activity, which the bank views as "significantly more stable across commodity price cycles.""We look back at SES's financials to highlight the durability of its EBITDA through various commodity price environments," added CIBC.It further noted that, on a pro-forma basis, GFL estimates that revenue directly tied to E&P activity will represent roughly 10%-12% of consolidated revenue by 2027. CIBC said that while the SES EBITDA stream does exhibit some level of "incremental cyclicality versus legacy GFL", CIBC said that it does not expect this to "materially impact consolidated earnings volatility." CIBC added that, with GFL noting incremental M&A will be focused on the solid waste space, this will further dilute the contributions from the energy waste stream.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $52.25, Change: $-1.38, Percent Change: -2.57%

Correction: CIBC Says GFL Offer to Acquire Secure Waste Infrastructure Provides "Attractive" Premium to Shareholders

(Corrects name of the target company in the headline and first paragraph to Secure Waste Infrastructure.)CIBC Capital Markets believes GFL Environmental's (GFL.TO, GFL) $6.4-billion offer to acquire Secure Waste Infrastructure (SES.TO) provides shareholders with an attractive premium, while also retaining potential upside of the combined company.In a note, analyst Jamie Kubik, who has raised his price target on Secure to $24.75 to reflect the offer price, and moved his rating to tender from neutral, says the combined company provides Secure shareholders access to additional segments of the waste management value chain, resulting in less revenue concentration and enhanced growth potential.The increase in GFL's float capitalization could also enhance potential for broader future equity-index inclusions, he adds.Canadian Competition Bureau review of this deal will be watched closely given recent history, Kubik says. The Bureau previously challenged GFL's acquisition of Terrapure and Secure's acquisition of Tervita, with the latter review resulting in the forced disposition of select Tervita assets."Given select Tervita assets were already carved out of the Secure platform, we believe it is unlikely further dispositions of such a magnitude would be required, but nonetheless we will be interested to see how the Canadian Competition Bureau views this transaction."Price: $21.90, Change: $-0.54, Percent Change: -2.41%

CIBC Says GFL Offer to Acquire Secure Energy Provides "Attractive" Premium to Shareholders

CIBC Capital Markets believes GFL Environmental's (GFL.TO, GFL) $6.4-billion offer to acquire Secure Energy Services (SES.TO) provides shareholders with an attractive premium, while also retaining potential upside of the combined company.In a note, analyst Jamie Kubik, who has raised his price target on Secure to $24.75 to reflect the offer price, and moved his rating to tender from neutral, says the combined company provides Secure shareholders access to additional segments of the waste management value chain, resulting in less revenue concentration and enhanced growth potential.The increase in GFL's float capitalization could also enhance potential for broader future equity-index inclusions, he adds.Canadian Competition Bureau review of this deal will be watched closely given recent history, Kubik says. The Bureau previously challenged GFL's acquisition of Terrapure and Secure's acquisition of Tervita, with the latter review resulting in the forced disposition of select Tervita assets."Given select Tervita assets were already carved out of the Secure platform, we believe it is unlikely further dispositions of such a magnitude would be required, but nonetheless we will be interested to see how the Canadian Competition Bureau views this transaction."Price: $21.80, Change: $-0.64, Percent Change: -2.85%

TSX up 78 Points at Midday, Led by Gains in Info Tech, Energy

The Toronto Stock Exchange is up 78 points at midday with info tech (+3.7%) and energy (+1.7%), posting the biggest gains.Utilities, down 1%, is the worst performer.Oil prices were back above US$100.00 per barrel on Monday after ceasefire talks between the United States and Iran failed to end their war and President Trump announced a blockade of the Strait of Hormuz. But Canadian stocks have recouped Monday's early losses, and look set to extend a run of seven wins in the last eight sessions leading in to today.February building permits fell $1.1 billion (-8.4%) to $12.1 billion, with the decline led by non-residential (-$1.3 billion), reports StatsCan.In company news, GFL Environmental (GFL.TO) was at last look down 9.5% after saying Monday it was acquiring Secure Waste Infrastructure (SES.TO) for $24.75 per Secure share, for an enterprise value of $6.4 billion. Secure operates a waste-management business in Western Canada and North Dakota.

Update: GFL Down 2.5% In US Premarket As Moves To Buy SECURE Waste Infrastructure

(Updates share price and adds commentary from Stifel Canada on Bloomberg report flagging GFL buying Secure in paragraphs four and five)GFL Environmental Inc. (NYSE and TSX: GFL) was at last look down 2.5% in US premarket trade after saying Monday it has agreed to acquire all of the issued and outstanding common shares of SECURE Waste Infrastructure Corp. (SES.TO) for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion.In a statement GFL said consideration for the transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. It added the transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).Among highlights, GFL said the deal will be immediately accretive, increasing Adjusted Free Cash Flow per share by 12% to 15% and will give it a "highly attractive financial profile", increasing Adjusted EBITDA margin to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5% on a pro forma basis.Stifel Canada noted Bloomberg had reported that GFL may offer to acquire SECURE for $24.50 per share, which would have been a 15% premium to Friday's close, but slightly below its target price of $26.00 per share. It noted the implied 2026 estimated valuation was 12 times the enterprise multiple (EV/EBITDA) and 25.5 times price earnings P/E.Stifel Canada said, "If this offer from GFL comes to fruition it would be solid, but we do believe that SES could potentially fetch a slightly higher price given the growth outlook. There is no certainty a deal will be completed, but the stock should trade up sharply today, and this potential interest in SES from GFL does help bolster our investment thesis. Our view has been that SECURE's business has become significantly more resilient over the last five-years and is more akin to its residential and industrial waste peers."Shares in SES closed Friday up $0.07 or 0.33% at $21.36. GFL was down by more than 3% in both Canada and the U.S. last Friday.

GFL Down 3.75% In US Premarket As Moves To Buy SECURE Waste Infrastructure

GFL Environmental Inc. (NYSE and TSX: GFL) was at last look down 3.75% in US premarket trade after saying Monday it has agreed to acquire all of the issued and outstanding common shares of SECURE Waste Infrastructure Corp. (SES.TO) for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion.In a statement GFL said consideration for the transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. It added the transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).Among highlights, GFL said the deal will be immediately accretive, increasing Adjusted Free Cash Flow per share by 12% to 15% and will give it a "highly attractive financial profile", increasing Adjusted EBITDA margin to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5% on a pro forma basisShares in SES closed Friday up $0.07 or 0.33% at $21.36. GFL was down by more than 3% in both Canada and the U.S. last Friday.

GFL To Acquire All of Issued and Outstanding Common Shares of SECURE for $24.75 per Common Share