One of North America's largest waste management companies has made a significant play in Alberta, announcing plans to acquire Calgary-based Secure Waste Infrastructure Corp. in an all-stock and cash transaction valued at C$6.4 billion.
GFL Environmental Inc. will pay C$24.75 per share for Secure Waste, with the deal structured as 80% stock and 20% cash. The acquisition is expected to close in the second half of 2024, pending regulatory approval and standard closing conditions.
"This deal enhances our scale and expands our ability to offer a full suite of services to our customers in western Canada," said Patrick Dovigi, Chief Executive Officer of GFL Environmental, in a statement to analysts. "Most of Secure's business aligns with what we already do across Canada and the United States."
Strategic Expansion in Western Canada
Secure Waste generates approximately 75% of its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) from traditional waste management operations, including metal recycling and recovered oil processing. The remaining 25% comes from energy infrastructure services, including oil pipelines and storage facilities.
This combination positions GFL to offer customers a broader range of integrated services across the waste management and industrial energy sectors—a critical advantage in Alberta's competitive marketplace where companies increasingly seek consolidated service providers.
The transaction represents a significant milestone for Alberta's waste management industry and underscores investor confidence in the province's long-term economic fundamentals, particularly in industrial and energy-related infrastructure.
GFL Environmental operates across Canada and the United States, providing waste management, recycling, and energy infrastructure services to residential, commercial, and industrial customers.
This article is based on reporting from the Financial Post and Bloomberg News.