Macquarie Infrastructure and Real Assets (MIRA) is buying bought Australian waste management group Bingo Industries for A$2.3bn (β¬1.5bn).
In January, a consortium including MIRA made the A$2.29bn bid which Bingo said at the time was being considered by an independent board committee of Bingo.
Chairperson of the independent board committee, Elizabeth Crouch, said after considering future opportunities for the business, along with economic, regulatory and execution risks, the committee unanimously concluded that the MIRA offer was a βcompelling optionβ.
Bingo said MIRA would pay A$3.45 cash per Bingo share, or a mix of cash and unlisted scrip alternative.
Daniel Tartak, whose father, Tony, founded the company in 2005, will remain a βsubstantial shareholderβ and continue in the role of chief executive with the company after the takeover.
Frank Kwok, head of MIRA Asia-Pacific, said: βWe believe the proposal we have developed in collaboration with Bingo will deliver real value for Bingoβs shareholders.
βThe proposal recognises Bingoβs achievements and position in the marketplace, with a strong asset base and a highly-capable management team.β
Bingo owns 15 recycling facilities and two rubbish dumps. It has a fleet of more than 350 collection trucks in NSW and Victoria.
Kwok said MIRA had significant experience investing in and operating recycling and waste management businesses around the world, and MIRA looked forward to bringing its expertise to support the team in delivering Bingoβs next phase of growth.
Bingo shareholders are expected to vote on the offer in July.
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