Cleanaway Waste Management Limited (ASX:CWY) agreed to acquire Putrescibe and Inert landfills and Five Transfer Stations in Sydney from SUEZ Groupe S.A.S. for approximately AUD 500 million on April 27, 2021. As of April 27, 2021, the agreement to acquire all of Suezs Australian recycling and recovery business was formally terminated and Cleanaway has exercised its right to proceed with the binding Sydney Assets Acquisition agreement. Cleanaway has secured new debt facilities that will enable the Sydney Assets Acquisition to be fully debt funded, if the Board determines this is appropriate. In the year ended December 31, 2020, Putrescibe and Inert landfills and Five Transfer Stations in Sydney generated net revenue of AUD 193.1 million and normalised EBITDA of AUD 72.9 million. The transaction is subject to a change of control of Suez S.A. occurring and various customary conditions including ACCC approval, no material adverse change and transfer of certain customer contracts. As of September 6, 2021, ACCC has not made its decision and will announce a revised proposed decision date in due course. The transaction is expected to be completed during second quarter of 2022. The transaction is now expected to be completed by January. The transaction is expected to deliver attractive financial returns including pro forma EPSA accretion to Financial Year 2020. As of December 01, 2021, The ACCCs decision date has been deferred from December 2, 2021 to December 9, 2021. Cleanaway remains confident that the Sydney Assets Acquisition will receive ACCC approval on December 9, 2021. As of December 8, 2021, the transaction is approved by ACCC.
Cleanaway Waste Management Limited (ASX:CWY) completed the acquisition of Putrescibe and Inert landfills and Five Transfer Stations in Sydney from SUEZ Groupe S.A.S. on December 18, 2021. The deal has been approved by the Board of Cleanaway.