Business
SECURE Closes $1.075 Billion Asset Sale to Waste Connections
SECURE Closes $1.075 Billion Asset Sale to Waste Connections Canada NewsWire ...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n \n \n \n SECURE Closes $1.075 Billion Asset Sale to Waste Connections\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Feb. 1, 2024\n \n \n /CNW/ - SECURE ENERGY Services Inc. (\"SECURE\" or the \"Corporation\") is pleased to announce it has closed the previously announced transaction with Waste Connections, Inc. to sell the facilities formerly owned by Tervita Corporation that were ordered to be divested by the Competition Tribunal (the \"Transaction\"). The Transaction will be completed by R360 Environmental Solutions Canada Inc., an affiliate of Waste Connections, Inc. (\"R360\").\n \n \n \"We are pleased the required regulatory approval from the Competition Bureau has been obtained, enabling us to successfully close this transaction with R360,\" said\n \n Rene Amirault\n \n , Chief Executive Officer of SECURE. \"This asset sale fortifies our financial position, underscores the intrinsic value of our business, and we're confident it will enhance shareholder value while solidifying SECURE's leadership position in the waste management and energy infrastructure sector. The Transaction materially improves our financial position and capital allocation flexibility, allowing us to concentrate our resources and deploy capital in key areas of growth for SECURE.\"\n \n \n The Transaction highlights include:\n \n \n \n \n \n $1.15 Billion\n \n All-Cash Sale:\n \n Proceeds for the Transaction includes\n \n $1.075 billion\n \n in cash plus approximately\n \n $75 million\n \n for certain adjustments as provided in the definitive Transaction agreement for total estimated cash proceeds of\n \n $1.150 billion\n \n .\n \n \n \n Accretive Value:\n \n The third-party ordered sale at an accretive multiple highlights the underlying value of the business and underscores a disconnect between this and SECURE's current trading multiple.\n \n \n \n Financial Flexibility:\n \n The Transaction provides immediate liquidity for debt repayment, while maintaining substantial leverage capacity and a surplus of cash availab...