GFL Environmental to Acquire SECURE Waste Infrastructure in C$6.4 Billion Deal

GFL Environmental Inc. (GFL, GFL.TO) has announced a definitive agreement to acquire all issued and outstanding common shares of SECURE Waste Infrastructure Corp. (SES.TO). The deal values SECURE at C$24.75 per share, representing a total enterprise value of approximately C$6.4 billion. The consideration for the acquisition will be settled through a combination of 80% GFL subordinate voting shares and 20% cash. This strategic move allows GFL to integrate SECURE's diversified waste management platform, which currently operates a vertically integrated network of assets across more than 80 locations in North Dakota and Western Canada. According to GFL Founder and CEO Patrick Dovigi, the transaction is designed to accelerate the achievement of multi-year financial targets established during the company's 2025 Investor Day. The acquisition is projected to be immediately accretive to Adjusted Free Cash Flow per share by an estimated 12% to 15%. This consolidation strengthens GFL's market position in the industrial waste sector, leveraging SECURE's existing infrastructure to drive long-term equity value for shareholders. The move reflects a broader trend of scaling within the waste management industry to capture operational efficiencies and regional dominance.