GFL Acquires SECURE Waste for $6.4 Billion in Major Deal

GFL Environmental Announces Landmark Acquisition

GFL Environmental Inc. has entered into a definitive agreement to acquire SECURE Waste Infrastructure Corp. in a transaction valued at approximately $1.4 billion. Announced on April 13, 2026, the deal marks a significant step in GFL's strategy to expand its presence and service capabilities across Western Canada and parts of the United States. The acquisition price is set at $14.75 per SECURE common share, representing a 23% premium over the 60-day volume-weighted average price as of April 10, 2026. This move is expected to create a more robust and vertically integrated waste management platform.

Details of the Transaction

The acquisition is structured with a consideration mix of 80% GFL subordinate voting shares and 20% cash. SECURE shareholders will have the option to elect their preferred form of payment—either all cash, all GFL shares, or a combination—subject to proration to maintain the agreed-upon 80/20 split. The transaction is fully financed and is not contingent on any financing conditions, providing certainty for both parties. Upon completion, SECURE shareholders are expected to hold approximately a 16% ownership stake in the combined entity. The deal has received unanimous approval from the boards of both companies and is anticipated to close in the second half of 2026, pending customary regulatory, court, and shareholder approvals.

Strategic Expansion in Western Canada

The primary driver for this acquisition is the strategic expansion of GFL's operational footprint. SECURE operates a large-scale, diversified waste management network across Western Canada and North Dakota. This includes a hard-to-replicate portfolio of over 80 locations, comprising 12 landfills, 55 waste treatment facilities, 12 recycling facilities, and 98 injection wells. By integrating SECURE's assets, GFL aims to densify its presence in the region and enhance its ability to offer a full suite of waste management services. Patrick Dovigi, GFL's Founder and CEO, stated that the acquisition provides a highly complementary network that will significantly enhance the company's scale.

Significant Financial Benefits for GFL

The transaction is projected to deliver substantial financial benefits and accelerate GFL's long-term financial targets. Management expects the deal to be immediately accretive, increasing Adjusted Free Cash Flow per share by 12% to 15%. Furthermore, the integration of SECURE's high-margin assets is forecast to boost GFL's pro forma Adjusted EBITDA margin to 31.6%. The company also anticipates an improvement in its Adjusted Free Cash Flow conversion to a range between 40.5% and 42.5%. Despite the scale of the acquisition, it is designed to be neutral to GFL's net leverage, maintaining the company's balance sheet flexibility while enabling significant growth.

Key Transaction Metrics

Market Context and Broader Strategy

This acquisition is consistent with GFL's aggressive M&A-led growth strategy. It follows other recent deals, such as the acquisition of Frontier Waste Solutions, aimed at expanding its footprint in key markets. The move also aligns with GFL's efforts to increase its visibility in the U.S. equity markets, highlighted by its recent corporate headquarters relocation from Ontario to Florida and plans for US GAAP conversion. The increased scale and market capitalization resulting from the SECURE deal are expected to enhance GFL's potential for inclusion in broader equity indices.

Leadership and Shareholder Outlook

Leadership from both companies has expressed strong support for the transaction. Allen Gransch, President and CEO of SECURE, noted that combining SECURE's infrastructure with GFL's platform will strengthen the ability to capture more waste streams. For SECURE shareholders, the deal delivers immediate value through the share price premium and provides an opportunity to participate in the future growth of the larger, combined company. Key institutional shareholders of SECURE, representing approximately 20% of outstanding shares, have already agreed to vote in favor of the transaction.

Path to Completion

The finalization of the acquisition is subject to several conditions. These include approval from SECURE's shareholders at a special meeting expected in late May 2026, as well as approvals from the court and relevant regulatory bodies. Once the transaction is complete, SECURE's common shares will be delisted from the Toronto Stock Exchange (TSX), and the company will cease to be a reporting issuer under Canadian securities laws. The integration of SECURE's 2,000 employees and extensive asset network will be a key focus for GFL following the closing of the deal.