WasteCo Group has announced the acquisition of Civic Waste, a North Island-based waste management company, for $9 million.
The deal, which is conditional, will give WasteCo an expanded geographic footprint and additional operational scale.
It is expected to contribute approximately $20m in revenue over the next 12 months.
In addition, Empire Waste Technology, an investment vehicle of Simon and Paula Herbert, has agreed to subscribe to a $15m convertible note issued by WasteCo. The funds from the note will be used to finance the Civic Waste acquisition and provide working capital for further acquisitions.
WasteCo also plans to offer a share purchase plan to existing shareholders, with the aim of raising up to $5m.
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