GFL Environmental has struck a deal to acquire SECURE Waste Infrastructure in a transaction valued at approximately CA$6.4 billion ($4.6 billion in US dollars).
The Florida-based hauler will pay CA$24.75 per SECURE common share, a 23% premium to the stock’s 60-day volume-weighted average price ending April 10, 2026. The consideration will be structured as 80% GFL subordinate voting shares and 20% cash.
The fully financed deal, which carries no financing conditions, substantially expands the company’s reach across western Canada and into North Dakota.
GFL founder and CEO Patrick Dovigi said the acquisition accelerates the multi-year financial targets the company discussed at its 2025 Investor Day.
“The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services,” Dovigi said.
Calgary-headquartered SECURE employs 2,000 people in a vertically integrated network of more than 80 locations. This includes 12 landfills, 55 waste treatment facilities and 12 recycling facilities, 98 injection wells and 5 transfer stations.
The transaction is part of GFL’s aggressive M&A strategy. During its most recent earnings call in February, executives noted nearly $1 billion in acquisitions in 2025, with the majority of the deals occurring in the last half of the year, with an expectation for the transactions to provide a growth tailwind into 2026.
At that time, Dovigi said GFL could pursue between $1.5 billion and $2 billion in M&A in 2026 while keeping net leverage within its targeted range.
The SECURE deal fits squarely within that framework. M&A was projected to contribute 250 basis points to revenue growth in 2026, with management describing the pipeline as healthy and concentrated in markets where GFL already has a presence.
The acquisition is expected to boost GFL’s adjusted EBITDA margin to 31.6%, up from the 30% the company reported for full-year 2025, which itself marked a 130-basis point increase over 2024 and the first time GFL had reached that threshold, according to company reports.
The hauler has closed eight tuck-in acquisitions so far in 2026, including Texas-based Frontier Waste Solutions in April, which added 24 facilities, a fleet of more than 650 vehicles and nearly 1,000 workers to GFL’s growing southern US footprint.
SECURE shareholders will retain approximately a 16% ownership stake in the combined company. President and CEO Allen Gransch, who will remain with the business, pointed to the infrastructure value underpinning the deal.
“The transaction will combine SECURE’s hard to replicate infrastructure network with GFL’s broader platform, strengthening GFL’s ability to capture more waste streams across the value chain,” Gransch said.
The announcement comes as GFL has been repositioning itself for greater US equity market visibility.In January, the company relocated its corporate headquarters from Ontario to Florida and, during the February earnings call, said it was targeting US GAAP conversion by January 1, 2027, with potential Russell index inclusion as early as mid-2026.
