GFL Environmental has agreed to acquire Secure Waste Infrastructure in a transaction valued at approximately $6.4 billion.

The deal will see GFL purchase all issued and outstanding Secure common shares at $24.75 per share, representing a 23% premium to the company’s 60-day volume weighted average price ending April 10. The consideration will be comprised of 80% GFL subordinate voting shares and 20% cash, with shareholders able to elect a mix of cash and shares subject to proration.

The transaction will be carried out through a plan of arrangement under Alberta’s Business Corporations Act and is fully financed with no financing conditions, said GFL.

Calgary-based Secure operates a large-scale, diversified waste management platform across Western Canada and North Dakota, with more than 80 locations that include landfills, waste-treatment and recycling facilities, injection wells and transfer stations. The company employs more than 2,000 people.

The acquisition is expected to strengthen GFL’s footprint in Western Canada, expand its service offerings and increase operational scale.

The boards of directors of both companies have unanimously approved the transaction. Shareholders representing approximately 22% of Secure’s outstanding shares have entered into voting and support agreements in favour of the deal, with a special meeting expected in late May 2026.

GFL ranks among North America’s largest diversified environmental-services company in North America, providing comprehensive solid-waste management services at throughout Canada and 18 U.S. states. The company was founded in Vaughan, Ont., and is incorporated in Canada, but its headquarters is now located in Miami.

Pictured: Secure Waste Infrastructure facility.

Photo: Secure