GFL inks $6.4B deal to acquire Calgary-based Secure Waste Infrastructure

Key Takeaways:

• GFL is acquiring Secure Waste Infrastructure for $6.4 billion to significantly expand its footprint in Western Canada and North Dakota through more than 80 new locations and nearly 100 injection wells.
• The transaction is expected to accelerate the multi-year financial targets the company set in early 2025 while allowing them to maintain their desired debt leverage levels.
• The deal aligns with a broader corporate strategy to move executive headquarters to Miami Beach to increase visibility with global investors and qualify for inclusion in major American stock indices.

The Whole Story:

GFL Environmental Inc. has agreed to acquire Calgary-based Secure Waste Infrastructure Corp. for $24.75 per share, representing an enterprise value of approximately $6.4 billion.

Officials say the transaction will expand GFL’s Western Canadian footprint and densify its waste management network across the region and North Dakota.

Secure operates a diversified waste management platform across more than 80 locations in Western Canada and North Dakota, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and five transfer stations. The company employs over 2,000 people.

“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.

Dovigi added that the transaction is expected to accelerate achievement of multi-year financial targets outlined at GFL’s investor day in early 2025.

“Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end net leverage in the low-to-mid 3s,” he said.

The transaction has been unanimously approved by the boards of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of Secure’s shares, along with Secure directors and senior officers owning approximately 2%, have agreed to vote in favour of the transaction.

A special meeting of Secure shareholders is expected to be held in late May 2026 to approve the transaction. The deal requires approval by at least 66% of votes cast and a simple majority excluding certain shareholders as defined under securities regulations.

The transaction is expected to close in the second half of 2026, subject to court approval, regulatory approvals and shareholder approval.

Founded in 2007 by former professional hockey player Patrick Dovigi in Vaughan, Ontario, GFL Environmental Inc. (short for “Green For Life”) has rapidly evolved from a regional startup into the fourth largest diversified environmental services company in North America. Built on an aggressive “roll-up” strategy of acquiring and integrating fragmented local waste haulers, GFL now operates an extensive network across Canada and the United States, recognizable by its signature bright green fleet.

Earlier this year, GFL announced that it was relocating its executive headquarters from Vaughan to Miami Beach, Florida. However, the company’s jurisdiction of incorporation will remain Ontario.

“Consistent with our desire to access a wider global investor base across both passive and active strategies, the relocation of our executive headquarters broadens our eligibility for participation in U.S. equity indices while preserving our eligibility for inclusion in Canadian equity indices. We expect this approach to gaining broader index inclusion will increase GFL’s visibility with investors and ultimately drive a wider shareholder base,” said Dovigi following the move.