GFL Environmental (TSX: GFL) is nearing a deal to acquire Secure Waste Infrastructure (TSX: SES) for more than $6 billion, according to a Bloomberg report, in a transaction that would deepen consolidation in Canada’s waste sector and give a larger footprint in Western Canada and North Dakota.
The proposed deal values Secure at roughly $24.50 per share, or about 15% above its last closing price.
The consideration would reportedly be about 20% cash and 80% stock, which suggests GFL is aiming to preserve balance-sheet flexibility while still putting a premium on Secure’s infrastructure base.
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For GFL, the size would be meaningful but not out of character. The company generated $6.62 billion of revenue in 2025, including $1.69 billion in Q4, while adjusted EBITDA rose to $508.7 million.
GFL has also been actively reshaping its portfolio. In January 2025, the firm agreed to sell its environmental services business in a transaction valued at $8 billion, with expected cash proceeds of about $6.2 billion after taxes and retained equity.
On the other hand, Secure reported $501 million in full-year 2025 adjusted EBITDA and guided for $520 million to $550 million in 2026 adjusted EBITDA. In Q4 alone, revenue rose to about $372 million and adjusted EBITDA increased to $135 million. The company also returned $373 million to shareholders in 2025 and raised its quarterly dividend by 5% to $0.105 per share.
Secure is operating processing, recovery, and disposal infrastructure across Western Canada and North Dakota, which gives GFL exposure to a denser network of industrial and energy-linked waste assets. Its market value was around $4.6 billion to $5.5 billion around Friday.
This comes after GFL recently agreed to buy Frontier Waste Solutions from BGL, though terms were not disclosed.
Information for this story was found via Reuters and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses
