WAM completes Aussie purchases

The company says it completed settlement on the purchase of two waste businesses in Australia on Monday.

The businesses are Barkoola Environmental in Brisbane and Hines Waste Technology in Melbourne. Both firms collect and treat liquid and solid waste.

Waste Management says the companies will operate as divisions of its wholly-owned Australian operating subsidiary, Waste Management Pacific.

While the $12.8 million Hines Waste purchase is being fully-funded by debt, the Barkoola Environment price tag of $15.4 million will be paid for with a mixture of debt and shares.

WAM says 9% of Barkoola shareholders have opted to take shares rather than cash. The exact number of shares to be issued will be finalised next week but is expected to be less than 300,000.

The new businesses are forecast to contribute around $4.8 million in earnings before interest, tax, depreciation and amortisation in the first year of operation.

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