The Australian multinational independent investment bank and financial services company Macquarie Infrastructure and Real Assets ( MIRA ), is set to acquire Australian waste management and recycling company BINGO Industries for $2.3 billion.
Macquarie Infrastructure and Real Assets ( MIRA ), is offering to buy ASX listed Bingo (BIN) for $3.45 per share, which represents a 33% premium on the target company’s one-month average share price.
The head of MIRA Asia-Pacific, Frank Kwok, said:
“With MIRA’s significant experience investing in and operating recycling and waste management businesses around the world, we look forward to bringing our expertise to support the team in delivering BINGO’s next phase of growth.”
This moves comes as MIRA believes in BINGO’s achievements and position in the marketplace, with a strong asset base and highly capable management team.
Bingo Industries, the waste management company, which operates a fleet of 330 trucks in Melbourne and Sydney, came from humble beginnings.
The largest shareholder, Daniel Tartak, with a stake worth $455 million at the offer price of $3.45 per share, has been running Bingo since 2015 and oversaw a listing onto the ASX in 2017.
In the year 2005, Mr. Tartak, spent almost $1 million buying a four truck skip bin company that was the keystone of the original BINGO business.
About Macquarie Infrastructure and Real Assets
For more than twenty-five years, Macquarie Infrastructure and Real Assets has partnered with clients, governments and communities to finance, develop manage and enhance essential real assets.
The portfolio of MIRA is relied on by more than 100 million people every day. with team of over 900 people investing in businesses that underpin economies and communities aiming to add real and lasting value for clients and the people were assets serve.
MIRA manages around $132 billion in assets, including over 150 portfolio businesses, approximately 500 properties and 4.8 million hectares of farmland.
