Wednesday 27th September 2023
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WasteCo Group Limited (NZX: WCO ) advises that the conditions relating to the acquisition of the waste collection business of Bond Contracts Limited have now been confirmed.
The acquisition is being completed by WasteCo's wholly owned operating subsidiary, WasteCo NZ Limited (WasteCo NZ). The Bond Contracts business provides waste collection services and operates transfer stations in Southland under a contract with the Invercargill City Council, Southland District Council and Gore District Council (together referred to as the 'WasteNet' Councils). This contract runs until 30 June 2027. WasteCo intends to proactively engage with the WasteNet Councils and participate in subsequent negotiations and tender opportunities for the WasteNet Councils contract beyond 2027.
The WasteNet Councils have approved the transfer of the contract to WasteCo NZ, while other conditions relating to a lease assignment and transfer of employees have also now been satisfied.
Settlement of the $8.775 million acquisition is scheduled for 2 October 2023, with an effective date of 30 September 2023.
The acquisition of the Bond Contracts Limited waste business is a significant milestone for WasteCo and will expand its footprint in the South Island and create a leading waste management company in the region.
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