Macquarie Is Said to Near Deal to Take Waste Firm Bingo Private
(Bloomberg) -- Macquarie Group Ltd. is nearing an agreement to take Australian waste management company Bingo Industries Ltd. private, according to people familiar with the matter.
An announcement could come as soon as this week, said the people, who asked not to be identified as the discussions are private. Talks are in an advanced stage but could still be delayed or fall apart, the people said.
In January, a consortium that was comprised of Macquarie Infrastructure Real Assets and Australian buyout firm CPE Capital offered A$3.50 in cash for each Bingo share in a $1.8 billion deal. CPE Capital dropped out from the negotiations recently, according to the people.
Representatives for Bingo and Macquarie declined to comment. A representative for CPE Capital didn’t immediately respond to an emailed request for comment on Sunday.
With origins as a family owned dumpster business in Western Sydney, Bingo now operates the largest network of recycling and resource recovery centers in the states of New South Wales and Victoria, according to the company’s website.
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