GFL Environmental Acquires Secure Waste for $6.4 Billion

has agreed to acquire Secure Waste Infrastructure Corp. for an enterprise value of approximately $6.4 billion, significantly expanding its waste management footprint in Western Canada and North Dakota.

Secure operates over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells, and five transfer stations across these regions. GFL founder and CEO Patrick Dovigi stated the acquisition provides a 'highly complementary network' to 'densify' GFL's footprint, enhance scale, and expand service offerings.

Secure CEO Allen Gransch noted the deal combines Secure's 'hard to replicate infrastructure network' with GFL's platform, strengthening GFL's ability to capture more waste streams. Secure shareholders can elect to receive $24.75 in cash, 0.4195 of a GFL subordinate voting share, or a combination, with cash capped at 20% and GFL shares at 80% of the total payment.

Post-announcement, Secure shares (TSX:SES) rose $1.20 to $22.56, while GFL shares (TSX:GFL) fell $1.89 to $59.62. The deal requires Secure shareholder approval and is expected to close in the second half of the year, as reported by The Canadian Press on April 13, 2026.