GFL to buy Secure Waste in $4.63 billion deal boosting Western Canada presence (updated)

GFL Environmental

13/04/2026 13:44

Updates shares, adds analyst commentary in paragraphs 5, 8, and details in paragraph 9

By Anshuman  Tripathy

April 13 (Reuters) - Canadian waste management firm GFL Environmental GFL.TO said on Monday it would buy peer Secure Waste Infrastructure in a deal worth about C$6.4 billion ($4.63 billion), including debt, as it looks to deepen its presence in Western Canada.

GFL will acquire all outstanding common shares of Secure Waste SES.TO for C$24.75 apiece through a combination of 20% cash and 80% stock, representing a 15.87% premium to Secure's last close on Friday.

Shares of GFL fell 6% in morning trading in Toronto, while those of Secure Waste were up 1.1%.

The deal gives GFL access to Secure's waste processing and disposal network across Western Canada and North Dakota.

Truist Securities analyst Tobey Sommer said the deal could provide an incremental C$1 billion in deployable capital to GFL over the next two years and C$2.5 billion over the next four.

Despite being one of North America's largest waste management players, GFL's debt-fueled expansion had previously raised investor concerns, leading to a strategic review and the sale of underperforming assets.

Last year, GFL sold its environmental services division to Apollo and BC Partners in a $5.6 billion deal and had announced a deal to recapitalize its construction subsidiary, Green Infrastructure Partners, at an enterprise value of $4.25 billion.

"We expect regulators will take a close look at this deal given the forced divestment of assets from the prior Secure-Tervita transaction years ago," TD Cowen analyst James Schumm said.

The transaction is expected to close in the second half of 2026. GFL said Secure has granted it a right-to-match any superior proposal and will receive a deal termination fee of $200 million in that case.

Secure Waste has over 2,000 employees in Western Canada and North Dakota, with 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and five transfer stations. GFL offers solid waste management services throughout Canada and 18 U.S. states.

($1 = 1.3836 Canadian dollars)

 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Leroy Leo and Sahal Muhammed)

 ((Anshuman.Tripathy@thomsonreuters.com;))