Herbert Smith Freehills is pleased to have advised Bingo Industries (Bingo) on its successful A$577.5 million acquisition of Dial-A-Dump Industries (DADI). The firm advised on all aspects of the transaction, including Bingo’s A$425 million capital raise which partially funded the acquisition and the associated ACCC clearance process.
DADI is a fully integrated recycling and waste management services provider in NSW.
The acquisition is a strategically important transaction for Bingo and means that Bingo will now own one of the largest non-putrescible landfills in the southern hemisphere. It also allows Bingo to develop a Recycling Ecology Park at Eastern Creek which will in turn enable Bingo to consolidate its recycling, processing, distribution and landfill at a single site. The Ecology Park is expected to be transformational for recycling in the greater Sydney region, in addition to delivering economic benefits and operational efficiencies for Bingo.
The cross-practice team advising on the deal was led by partner Tony Damian and included senior associate Li-Lian Yeo and solicitor Emily Whitaker from the firm’s Corporate practice, with Competition partner Patrick Gay and solicitor Michael Coutts advising on competition issues, Real Estate partner Nicholas Cowie, senior associate Japonica Sheridan and solicitor Maxwell Wu advising on property aspects of the deal, and Corporate partner Tim McEwen and senior associate Andrew Earle advising on the capital raising.
Tony Damian said, “I am delighted to have led the team at Herbert Smith Freehills on such a complex and multifaceted deal. In addition to the strategic acquisition of scale and size for Bingo, we are proud to have contributed to Sydney getting a first class Ecology Park, with all the many benefits that will bring to the broader community”.
The deal follows Bingo’s prior acquisitions of the National Recycling Group and Patons Lane Recycling Centre and Landfill in late 2017 and early 2018. Herbert Smith Freehills also advised Bingo on those acquisitions.