Mergers & Acquisitions:

• GFL Environmental Inc. (TSX:GFL) announced the $6.4B acquisition of SECURE Waste Infrastructure Corp. (TSX:SES) to further expand and densify its Western Canadian footprint. The purchase price represents a 23% premium to SECURE’s shares for the last 60 trading days ending April 10. The consideration consists of 80% GFL subordinated voting shares and 20% cash. This represents a 12.8x EBITDA multiple based on SECURE’s 2025 adjusted EBITDA.

• San Francisco based Francisco Partners Management LP announced the $850MM acquisition of Calgary based Blackline Safety Corp. (TSX:BLN), an industrial safety company pairing wearable safety technology with cloud-connected software and data analytics. Blackline reported fiscal 20025 revenue of $150.5MM, annual recurring revenue of $84.5MM, and adjusted EBITDA of $6.1MM for the year ending Oct. 31, 2025.

Other:

• Casper, WY based Bridger Pipeline LLC provided an update on its proposed project to transport Canadian crude from Phillips County, MT to Guernsey, WY. The project is estimated to cost US$1.96B and have the capacity to transport up to 1.13MM boed upon completion. The proposed 36-inch pipeline would span over 1,050 km and largely follow existing pipeline corridors.

• According to the federal government, Woodfibre LNG Ltd. aims to double or triple production capacity at the Woodfibre LNG facility eventually. The project is currently expected to process and export 2.1MM tonnes of LNG per annum upon completion, which is expected in 2027.

• The Competition Bureau obtained a court order to advance its investigation of Keyera Corp.’s proposed acquisition of the Canadian natural gas liquids of Plains All American Pipeline LP. Both companies transport, fractionate, store and market NGLs in Fort Saskatchewan.

• According to Statistics Canada, the Canadian unemployment rate was unchanged at 6.7% in March. The economy added 14,000 jobs in March.