Listed garbage collector Cleanaway Waste Management was looking to raise $350 million on Friday morning to buy composting business GRL.
, was priced at $2.50 a share, a 7.7 per cent discount to the last close.
It would raise $350 million , and Cleanaway planned to raise another $50 million via a share purchase plan after. Cleanaway’s target, GRL, processes about 20 per cent of Sydney’s ‘red bin’ household waste. It has deep relationships with councils and will gradually transition to source separated food organics and garden organics feedstock. Cleanaway would upgrade the facility over time, including spending $40 million to $45 million to enclose the compost maturation area.
Its purchase price of $168.5 million was at 7.9 times enterprise value to FY22 pro forma EBITDA, Cleanaway said.It is Cleanaway’s first equity raise in five years. The last one, in 2017, was structured as an entitlement offer and run via Macquarie Capital. It raised $590 million and helped Cleanaway pay for Tox Free Solutions.
Bids were due 3pm Friday for Asia Pacific investors, 9pm for UK and Europe investors, and 1am Saturday for everyone else.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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