Waste Connections signs deal to purchase 30 Canadian facilities from Secure Energy Services
As part of the agreement, Waste Connections will acquire 18 treatment, recovery, and disposal facilities; six landfills; four saltwater disposal injection wells; and two disposal caverns and represent all of the required divestitures as mandated by the Canadian Competition Tribunal following Secure's 2021 merger with Tervita Corporation. The oil and gas exploration and production ("E&P") waste treatment and disposal facilities are located in key geographic Canadian oil and gas basins. The combined annual revenue being acquired by the company is currently estimated at approximately CAD$300 million.
The transaction remains subject to customary closing conditions, including receipt of Canadian Competition Bureau approval, and it is expected to close during the first quarter of 2024.
"This acquisition represents a unique opportunity for outsized value creation from the expansion of our presence in Canada through a network of E&P waste treatment and disposal assets located in the most attractive and growing basins," said Ronald J. Mittelstaedt, president and chief executive officer. "The divestitures are a rare combination of high-quality, well-situated disposal and treatment assets with significant internal capacity for growth. With a heavy orientation towards serving customers engaged in energy production activity, these assets will be complementary to our U.S. R360 environmental solutions operations."