Cleanaway Waste Management (ASX:CWY) is the successful bidder for the acquisition of the assets of the SKM Recycling Group.
The acquisition follows the public sale process conducted by KordaMentha, who were appointed Receivers and Managers of SKM by Cleanaway following the acquisition of the senior secured debt in SKM.
The acquisition will provide Cleanaway with a network of five recycling sites, including three material recovery facilities and a transfer station in Victoria and a material recovery facility in Tasmania.
The properties that will be acquired by Cleanaway pursuant to the acquisition have a current combined market value of approximately $50 million.
Cleanaway CEO and Managing Director Vik Bansal says this provides Cleanaway with a strong recycling platform in Victoria and Tasmania as part of their footprint 2025 strategy.
Shares in Cleanaway Waste Management are trading 0.78 per cent higher at $1.94.