GFL to Acquire SECURE Waste Infrastructure in $6.4B Deal
GFL Environmental has agreed to acquire all outstanding shares of SECURE Waste Infrastructure Corp. for $24.75 per share, implying an enterprise value of approximately $6.4 billion, in a move that significantly expands its presence across western Canada and the U.S. energy corridor.
The transaction strengthens GFL’s position in environmental and waste management services by adding a large-scale, vertically integrated platform spanning more than 80 facilities across western Canada and North Dakota. SECURE’s network includes landfills, waste treatment and recycling assets, and injection wells, serving energy and industrial customers with end-to-end waste processing, disposal and recovery solutions. The company employs over 2,000 people.
GFL expects the acquisition to enhance operating scale, improve margins and be immediately accretive to free cash flow per share, underscoring the strategic and financial rationale behind the deal.
“The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services,” said Patrick Dovigi, Founder and CEO of GFL.
SECURE executives emphasized the combined platform’s ability to capture additional value across the waste lifecycle.
“The transaction will combine SECURE’s hard to replicate infrastructure network with GFL’s broader platform, strengthening GFL’s ability to capture more waste streams across the value chain,” said Allen Gransch, President and CEO of SECURE. “We look forward to joining the GFL team on closing and working together to further unlock value for all shareholders.”
Barclays is serving as financial advisor to GFL, with Stikeman Elliott LLP as legal counsel. SECURE is being advised by Moelis & Company and RBC Capital Markets, alongside legal counsel McCarthy Tétrault LLP and Bennett Jones LLP.