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GFL Environmental Inc. and SECURE Waste Infrastructure Corp. entered into a definitive arrangement agreement under which GFL will acquire all outstanding common shares of SECURE. The deal represents an enterprise value of approximately $6.4 billion. SECURE shareholders may elect to receive $24.75 in cash, 0.4195 of a GFL subordinate voting share, or a combination of $4.95 cash and 0.3356 of a GFL share per share held, with the aggregate consideration structured as roughly 80 percent GFL shares and 20 percent cash. The offer represents a 23 percent premium to SECURE's 60-day volume-weighted average trading price. The fully financed transaction carries no financing conditions, and SECURE shareholders will retain approximately a 16% ownership stake in the combined company. SECURE operates a large-scale, diversified waste management platform across Western Canada and North Dakota, with a vertically integrated network spanning more than 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells, and 5 transfer stations. The transaction is expected to close in the second half of 2026, subject to customary approvals. SECURE's senior management, including CEO Allen Gransch, is expected to continue leading the business post-closing.
Parties
Company
GFL Environmental Inc.
Company
SECURE Waste Infrastructure Corp.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 6,400,000,000Deal Status
ActiveClosing Date