Stocks of the Hour: Cleanaway, Bingo and Tabcorp

Company News

by Michael Luu

Cleanaway Waste Management (ASX:CWY) has attained the necessary debt facilities to fund the acquisition of French waste solutions company Suez’s assets in Sydney, according the company’s announcement on Tuesday morning.The $5 billion Melbourne-based company expects to complete this transaction by the end of FY22, pending board approval. Suez’s portfolio of Sydney assets is valued at $501 million and comprises of two landfill locations and five waste processing facilities.

Shares in Cleanaway Waste Management (ASX:CWY) are trading 0.6 per cent lower at $2.62

Macquarie Infrastructure and Real Assets (MIRA) has reached a 2.3 billion buyout agreement for waste solutions firm Bingo Industries (ASX:BIN), according to an ASX announcement on Tuesday morning. MIRA decided to persist with the deal and finalise negotiations with Bingo, after CPE Capital backed out of the Consortium for a joint buyout of the waste and recycling business. Shareholders of the waste manager are presented with a choice between a $3.45-per-share cash consideration and a combination of cash and shares in MIRA’s unlisted waste processing business, Recycle and Resource Holdings.

Shares in Bingo Industries (ASX:BIN) are trading 6.4 per cent higher at $3.41

International sports betting and gambling company Entain has upgraded its offer for Australia’s largest wagering and lottery firm Tabcorp (ASX:TAH)’s bookmaking and media assets to $3.5 billion.The 17-per-cent increase from the original bid by the heavyweight owner of popular betting platforms bwin, Sportingbet and Ladbrokes represents $500 million.

Shares in Tabcorp (ASX:TAH) are trading almost 4 per cent higher at $4.99