Texas-based Waste Connections is acquiring C$1.07B in assets from Canadian oilfield services firm Secure Energy.
The assets are energy waste-treatment and disposal facilities located across Western Canada. Secure Energy is selling the properties reluctantly after the Competition Bureau of Canada ordered it to do so. The company lost appeals to the Competition Tribunal and the Federal Court of Appeal.
Calgary-based Secure Energy’s next legal option would have been an appeal to the Supreme Court of Canada. Despite believing that it has a strong case, Secure opted to take control of the process and move forward with a sale that generates significant cash proceeds and resolves the competition issue, said the company in a news release.
The order to sell came after Secure acquired the properties through its 2021 merger with fellow Canadian firm Tervita Corporation. Waste Connections is acquiring the assets via its Canadian subsidiary.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.