Deal reshapes Western Canada waste network
GFL Environmental Inc. has agreed to acquire Secure Waste Infrastructure Corp. in a deal valued at about $6.4 billion, a move aimed at expanding its footprint in Western Canada and strengthening its waste management capabilities, according to company statements.
Secure operates an extensive network of waste management assets across Western Canada and North Dakota, including more than 80 facilities. These include landfills, waste treatment and recycling facilities, injection wells, and transfer stations, providing infrastructure that GFL says complements its existing operations.
GFL founder and chief executive Patrick Dovigi said the acquisition would enhance the company’s scale and service offerings. “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,” he said in a statement.
Secure chief executive Allen Gransch said the transaction is expected to unlock value for shareholders while integrating the company’s infrastructure with GFL’s broader platform. “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,” he said.
Under the terms of the agreement, Secure shareholders may elect to receive $24.75 in cash, 0.4195 of a GFL subordinate voting share, or a combination of both for each share held, The Canadian Press reported. The deal limits cash consideration to 20% of the total payment, with the remaining 80% capped in GFL shares.
Shares of Secure rose following the announcement, while GFL shares declined in trading on the Toronto Stock Exchange.
The transaction remains subject to approval by Secure shareholders and is expected to close in the second half of 2026.
