SECURE Waste Infrastructure acquired by GFL Environmental for C$6.4B
On September 1, 2026, SECURE Waste Infrastructure Corp. (“SECURE”) announced that GFL Environmental Inc. (“GFL”) completed its acquisition of all issued and outstanding common shares of SECURE for an enterprise value of approximately C$6.4 billion. The transaction was implemented by way of a plan of arrangement under the Business Corporations Act (Alberta) and financed through a combination of available capacity under GFL’s revolving credit facility, the issuance of approximately 75 million GFL subordinate voting shares, and a US$1 billion senior secured term loan maturing on or about August 28, 2033.
GFL’s acquisition of SECURE expands and densifies its waste processing and disposal asset network in Western Canada, increasing its scale and strengthening its waste management platform.
SECURE is a Calgary-based waste management and energy infrastructure business operating a diversified platform across Western Canada and North Dakota, with a network of more than 80 locations, including landfills, waste treatment facilities, recycling facilities and injection wells.
GFL, headquartered in Florida, provides solid waste management services from its platform of facilities throughout Canada and 18 U.S. states.
McCarthy Tétrault LLP advised SECURE with a team led by John Piasta that included Alyson Goldman, Robert Hansen, Farhiyah Shariff, Jack Schroder, Ashley Wilson, Ty Buhler, Curtis Chance, Rhea Evans, Bryce Safton, Jonathan Brisebois, Kayla Ellison, Conrad Parken (Business Law), Jade Buchanan (Cyber/Data), Amy Fong, Karen Chow (Intellectual Property), John Gilmore (Labour & Employment), Brett Anderson, Matthew Kraemer, Erica Hennessey, Abbey Kind, Tyler Warchola (Tax), Sean S. Smyth, Kyle R. McMillan (Litigation), Joseph R. Palin, Trevor Morawski (Financial Services), and Gajan Sathananthan (International Trade & Investments).
