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Bingo for Dial-A-Dump buyer
Herbert Smith Freehills has advised Bingo Industries on its purchase of Dial-A-Dump Industries.
Grace Ormsby
Firm: Herbert Smith Freehills (Bingo Industries)
Value: $577.7 million
Area: M&A, Corporate
Key players: Herbert Smith Freehills’ cross-practice team was led by corporate partner Tony Damian, with senior associate Li-Lian Yeo and solicitor Emily Whitaker.
Competition partner Patrick Gay and solicitor Michael Coutts, real estate partner Nicholas Cowie, senior associate Japonica Sheridan and solicitor Maxwell Wu, and corporate partner Tim McEwan and senior associate Andrew Earle all assisted.
Deal significance: Bingo Industries’ successful acquisition of Dial-A-Dump Industries involved a $425 million capital raise to partially fund its purchase and the associated ACCC clearance process, a statement from Herbert Smith Freehills said.
Dial-A-Dump is a fully integrated recycling and waste management services provider in NSW. The firm noted that the acquisition “a strategically important transaction for Bingo”.
Bingo Industries will now own one of the largest non-putrescible landfills in the southern hemisphere, Herbert Smith Freehills explained, and will allow Bingo to develop a recycling ecology park at Eastern Creek.
In turn, this will enable Bingo to consolidate its recycling, processing, distribution and landfill at a single site, it was said.
The statement noted that the ecology park is also expected to be transformational for recycling in the greater Sydney region.
Late last month, the ACCC announced that it would not oppose Bingo’s proposed acquisition of Dial-A-Dump after accepting a court-enforceable undertaking that Bingo would divest its Banksmeadow processing facility.
Commenting on the deal, Herbert Smith Freehill’s Mr Damian expressed his delight at leading a team “on such a complex and multifaceted deal”.
“In addition to the strategic acquisition of scale and size for Bingo, we are proud to have contributed to Sydney getting a first-class ecology park, with all the many benefits that will bring to the broader community,” he continued.
