GFL Environmental Inc. announced a definitive agreement to acquire Secure Waste Infrastructure Corp. for an enterprise value of approximately $6.4 billion, including debt. The deal will be financed with 80 % GFL subordinate voting shares and 20 % cash, valuing each SECURE share at $24.75—a 23 % premium to the 60‑day volume‑weighted average price ending April 10, 2026.
The transaction will add more than 80 locations to GFL’s Western Canada footprint, including 12 landfills, 55 waste‑treatment facilities, 12 recycling facilities, 98 injection wells, and 5 transfer stations, and will bring in over 2,000 employees. This expansion will increase GFL’s route density and asset base in a region where new infrastructure is difficult to permit.
The acquisition is projected to be accretive to GFL’s adjusted free‑cash‑flow per share by 12 % to 15 % and to lift its adjusted EBITDA margin to 31.6 %, while remaining net leverage neutral. The premium reflects SECURE’s strong asset portfolio and growth prospects in industrial and energy‑related markets.
GFL’s Q4 2025 results showed revenue of $1.686 billion, up 7.3 % YoY, and adjusted EBITDA of $508.7 million, a 30.2 % margin versus 29.1 % in Q4 2024. Full‑year 2025 revenue was $6.616 billion and adjusted EBITDA $1.985 billion, a 30.0 % margin. SECURE’s trailing 12‑month revenue was $1.05 billion with EBITDA $294.5 million, and full‑year 2025 revenue $1.47 billion with earnings $123 million. The deal adds significant scale and complements GFL’s existing operations.
Management emphasized that SECURE’s senior leadership will remain post‑closing to ensure operational continuity. The transaction aligns with GFL’s long‑term strategy of acquiring complementary assets to deepen market presence and capture higher‑margin waste streams, particularly in regions where new infrastructure is difficult to permit.
The transaction requires shareholder and court approvals and is expected to close in the second half of 2026. The deal positions GFL to capture additional market share in Western Canada amid regulatory shifts and growing industrial activity, reinforcing its competitive advantage in a consolidating industry.
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