According to sources familiar with the matter, GFL Environmental Holdings Inc. is reportedly close to acquiring Secure Waste Infrastructure Corp. in a deal valued at over C$6 billion (approximately $4.33 billion), including debt. The proposed transaction is structured as approximately 20% cash and 80% stock, valuing Secure at roughly 11 times its EBITDA. The implied offer price of about C$24.50 per share represents a premium of approximately 15% to recent trading levels. However, negotiations are still ongoing, and the final terms are subject to change.

Should the deal be completed, the acquisition would significantly deepen GFL's operational presence in Western Canada and expand its industrial and energy-related waste treatment services. Shareholders of Secure would hold approximately 15% of the combined company. Under the leadership of CEO Patrick Dovigi, GFL has achieved rapid growth through an aggressive mergers and acquisitions strategy, with its market capitalization tripling over the past six years.

Headquartered in Calgary, Secure derives the majority of its profits from waste management, with the remainder linked to energy infrastructure, such as pipelines and storage tanks. GFL views the transaction as strategically complementary, with potential for cost synergies and cross-selling opportunities. This move comes shortly after GFL reached an agreement to acquire Texas-based Frontier Waste Solutions for approximately $900 million. The involved companies have not yet issued public comments, and there is no guarantee the transaction will be finalized.