GFL Environmental has agreed to acquire Canada-based Secure Waste Infrastructure in a C$6.4bn (€3.95bn) deal.
GFL is offering shareholders of TSX-listed Secure Waste $24.75 per common share, comprised of 80% in GFL subordinate voting shares and 20% in cash, a deal that gives Secure Waste common shareholders a 16% stake in the combined company.
The purchase price represents a 23% premium to the 60-day volume-weighted average price of the common shares ending 10 April 2026.
GFL said the transaction – which expands and densifies its Western Canadian footprint – has received support from both companies as well as TPG Angelo Gordon and Solus Alternative Asset Management, firms which collectively own approximately 20% of Secure Waste’s shares.
Secure Waste operates a waste management platform in Western Canada and North Dakota through its network of assets across over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and five transfer stations.
GFL is the fourth largest diversified environmental services company in North America, providing solid waste management services from its platform of facilities throughout Canada and 18 US states.
Patrick Dovigi, founder and CEO of GFL Environmental, said: ”The acquisition of Secure Waste 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.”
Mick Dilger, chairman of the board of directors of Secure Waste, said: “With this transaction, we have delivered to Secure Waste shareholders an immediate premium to market value, crystalising the intrinsic value in our shares and delivering approximately $5.5bn of equity value to shareholders.”
Allen Gransch, president and CEO of Secure Waste, said: “The transaction will combine Secure Waste’s hard to replicate infrastructure network with GFL’s broader platform, strengthening GFL’s ability to capture more waste streams across the value chain. We look forward to joining the GFL team on closing and working together to further unlock value for all shareholders.”
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