Thursday 18th May 2023
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WasteCo Group Limited (NZX: WCO ) advises that its wholly owned operating subsidiary, WasteCo NZ Limited (WasteCo NZ) has entered into a conditional agreement to purchase the assets and business of Cleanways (2003) Limited and related companies, Enviro South (2015) Limited and Wastech Services (Central Otago) Limited (Acquisition).
Cleanways and Enviro South are based in Invercargill and specialise in bulk liquid waste, providing a range of services across Southland.
Wastech Services is based in Cromwell and specialises in the removal of all bulk liquid and solid waste, providing services throughout the Central Otago region.
The total purchase price for the Acquisition is $7.35 million (plus GST, if any).
• The purchase price will be partially satisfied by the issue of 31,850,353 new WCO shares to the Cleanways shareholders ($2.205 million).
• The balance of the purchase price, $5.145 million, will be payable in cash on settlement.
While WasteCo NZ has completed due diligence in respect of the Acquisition, the transaction is conditional on specific third party arrangements, including a minimum number of existing employees accepting WasteCo NZ's offer of employment, and acknowledgments from major customers and suppliers to the businesses. The conditions are due to be satisfied by 29 May 2023.
Settlement of the Acquisition is scheduled for 1 June 2023.
Please see attached release for full details.
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