Toronto, July 3, 2026, 13:04 EDT
- GFL Environmental Inc. (TSE:GFL, NYSE:GFL) jumped 7.56% in Toronto after reports from Reuters, picking up a Bloomberg item, said the company might look at going private. The NYSE was closed for Independence Day observed.
- The Toronto price pointed to around $40.27 for the U.S. shares, or 7.4% more than Thursday’s NYSE close. That figure uses Reuters’ C$1.4197-per-dollar and Finviz’s July 2 close.
- Key dates coming up are the July 6 U.S. reopen, dividend record on July 13, and earnings on July 29 and 30.
GFL Environmental Inc. (TSE:GFL, NYSE:GFL) jumped 7.56% to C$57.17 on the Toronto exchange at 12:42 p.m. EDT. Reuters, quoting Bloomberg, said the waste services company is looking at a possible take-private deal. GFL’s U.S. shares were idle with NYSE markets closed Friday for the Independence Day holiday, so the Toronto price was the basis for this update.
GFL was moving ahead of the Canadian market at midday. By 12:49 p.m. EDT, the S&P/TSX Composite Index was up 0.87%. GFL’s volume hit 938,410 shares, well above its usual 688,880. That was almost 36% more than average before the afternoon kicked off.
| Gauge | Figure | Investor read |
|---|---|---|
| GFL Toronto quote | C$57.17, +7.56% | Stock moved on market open |
| GFL Toronto day range | C$51.76-C$58.74 | Bounced early, slipped from session peak |
| GFL Toronto volume | 938,410 shares | Trading at 1.36 times usual |
| S&P/TSX Composite | 35,271.48, +0.87% | GFL outperformed index by nearly 9x |
| GFL NYSE last close | $37.48 on July 2 | No Friday update for NYSE holders |
| TSX quote in U.S. dollars | about $40.27 | Up 7.4% from NYSE last |
With Reuters’ exchange rate of C$1.4197 per U.S. dollar, the Toronto price puts GFL at around $40.27 a share for the NYSE listing. That’s a $2.79 premium to Thursday’s $37.48 New York close. Reuters’ Thursday market value of $13.54 billion gives the Toronto price about $1.0 billion more in equity ahead of any buyout premium.
GFL founder and CEO Patrick Dovigi told Reuters the company “would decline to comment at this time” when asked about the Bloomberg story. Bloomberg reported talks are still early. The report said there’s no guarantee of a deal and that some suitors might only want a smaller stake, not a full buyout. Bloomberg also said a full sale would probably require Dovigi to roll over his stake. Reuters
| Deal math item | Figure | Why it matters |
|---|---|---|
| Thursday U.S. equity value | $13.54 billion | Reuters/LSEG uses this as the latest U.S. close |
| Friday TSX-implied equity value | about $14.55 billion | Toronto pricing set a new mark |
| Reported debt | about $7.1 billion | Any buyer needs to absorb this |
| Equity plus reported debt | about $21.65 billion | Sum before any takeover premium or added expenses |
| Recent divestment/recap context | $5.6 billion ES sale; $4.25 billion GIP recap | GFL has already done moves to shift its asset mix |
GFL pointed out June 25 it was now in the Russell 1000 and Russell 3000 after shifting its top office to Florida. The move took effect with the open on June 29. GFL said Russell U.S. Indexes had about $12.2 trillion benchmarked as of June 2025. Four sessions later, the first major takeover news landed, with U.S. stocks closed.
GFL’s capital stack remains tricky. In April, the company said it would buy SECURE Waste Infrastructure Corp. (TSE:SES) for C$6.4 billion, including debt, with 20% cash and 80% in stock. Truist Securities analyst Tobey Sommer said back then the deal could give GFL C$1 billion to deploy over two years and up to C$2.5 billion in four. TD Cowen’s James Schumm said regulators would “take a close look” at it. Reuters
GFL priced US$750 million in senior notes due 2031 last week with a 5.625% coupon. The company said it plans to use the proceeds to repay revolver borrowings and cover part of the cash and costs tied to the Secure deal. GFL said the note sale should cut its average borrowing rate and keep leverage flat.
With the U.S. market week cut by the holiday, these dates are coming up for holders:
| Date | Item | Market use |
|---|---|---|
| June 29 | Russell 1000 and Russell 3000 adds took effect | Puts focus on U.S. indices |
| July 2 | GFL announced a US$0.0169 dividend for the quarter | Holders as of July 13; payout lands July 31 |
| July 3 | NYSE closed, TSX still trades | Toronto gets the first trade on deal news |
| July 6 | NYSE reopens | First U.S. trade post-report |
| July 29/30 | Q2 earnings drop after close, call set for 8:30 a.m. ET | Management takes questions for the first time since report |
Canadian sentiment provided some lift but wasn’t the full story behind the stock’s move. Matt Manara, executive vice president and portfolio manager at Avenue Investment Management, told Reuters, “lower rate expectations weaken the U.S. dollar, boost gold and benefit Canadian resource stocks.” GFL isn’t a miner—it’s an industrial waste company—and most of its 7.56% gain came from a deal-risk trade. Reuters
