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MIRA nabs BINGO in multibillion-dollar acquisition
Gilbert + Tobin has advised Macquarie Infrastructure and Real Assets (MIRA) and its managed funds on its $2.6 billion acquisition of BINGO Industries.
Emma Musgrave
Firms: Gilbert + Tobin (MIRA); undisclosed (BINGO Industries).
Value: $2.6 billion.
Area: M&A.
Key players: The Gilbert + Tobin team was led by corporate advisory partners Costas Condoleon, Alastair Corrigall, Peter Cook and Kevin Ko, with lawyers Chris Morse, Matthew Coe, Shananne Joyce and Wes Bainbridge heavily involved.
Banking and projects partners John Schembri and Stuart Cormack led the debt financing workstream, with support from lawyers Brent Thompson and Angus McWhirter.
The tax team, led by Muhunthan Kanagaratnam, advised on tax aspects of the financing.
The team was further supported by specialists across the firm, including partners Gina Cass-Gottlieb and Charles Coorey.
Deal significance: BINGO is a fully integrated recycling and resource management company that provides solutions across the entire waste management supply chain. The company runs a fleet of 300 waste collections trucks in Sydney and Melbourne.
Under the terms of the scheme, BINGO shareholders had the option to receive either $3.45 cash per BINGO share, or a mixed cash and unlisted scrip alternative, as per a statement provided by Gilbert + Tobin.
“We are delighted to have worked with MIRA on this significant and complex transaction, as the recycling and resource management sector responds to increased government spending on infrastructure assets,” said partners Mr Condoleon and Mr Corrigall.
“The inclusion of an earn out entitlement for those BINGO shareholders who chose the cash and unlisted scrip alternative is a novel development in stub equity transactions in Australia”.
Partners Mr Schembri and Mr Cormack added: “We are very proud to have advised MIRA in relation to the debt financing of this important transaction for MIRA and the Australian waste management sector.
“It provides another example of a Sponsor successfully tapping the offshore Term Loan B market to fund Australian M&A. It is a sought-after product for many of our Sponsor clients for its flexibility and scale and current market conditions in the US and Europe meant it is competitively priced”.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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