Australian waste management company Bingo buys rival Dial A Dump for $423 mln

Australian waste management company Bingo has bought its rival Dial A Dump for A$577.5 million ($423 million) to build capacity to process kerbside trash, in a move aimed at cashing in on a Chinese ban on waste imports.

This deal will enable Bingo to acquire a big dump in Sydney, lift its exposure to a booming building waste market in the city and benefit from ever rising quantities of refuse thanks to steady population growth.

Bingo expects to grow its slice of a domestic recycling market dominated by French-based waste management giants Suez and Veolia and which has been upended by China’s ban.

Bingo will fund the purchase, plus some property deals, via $310.1 million capital raising.