Macquarie Infrastructure and Real Assets’ A$2.6 Billion Acquisition of BINGO Industries

G+T has advised Macquarie Infrastructure and Real Assets and its managed funds on its acquisition of BINGO Industries Limited, assisted by UBS and Herbert Smith Freehills.

BINGO Industries implemented the Scheme of Arrangement for 100% ownership of BINGO Industries by managed funds of Macquarie Infrastructure and Real Assets (MIRA) and their co-investors.

Under the Scheme, BINGO shareholders received an all cash consideration of $A3.45 per BINGO share or a mixed cash and unlisted scrip alternative at the equivalent of $A3.30 per share, comprised of $A1.32 in cash and the remainder in unlisted scrip in Recycle and Resource Holdings Limited.

Bingo owns 15 recycling facilities and two rubbish dumps. It has a fleet of more than 350 collection trucks in NSW and Victoria.

Macquarie Infrastructure and Real Assets is one of the world’s leading alternative asset managers, specialising in infrastructure and renewables.

The G&T team was led by Corporate Advisory Partners Costas Condoleon (Picture), Alastair Corrigall, Peter Cook and Kevin Ko, with lawyers Chris Morse, Matthew Coe, Shananne Joyce and Wes Bainbridge heavily involved. Banking + Projects Partners John Schembri and Stuart Cormack led the debt financing workstream, with support from lawyers Brent Thompson and Angus McWhirter. The tax team, led by Muhunthan Kanagaratnam, advised on tax aspects of the financing. The deal team were supported by a large group of dedicated lawyers across the Firm who assisted with input into due diligence and regulatory matters. The G+T team comprised specialists across the firm, including partners Gina Cass-Gottlieb and Charles Coorey.

The Herbert Smith Freehills cross-practice team was led by partner Tony Damian, along with senior associate Jason Jordan, and was supported by lawyers across a range of practice groups in the firm. This included M&A senior associate William Kunstler and solicitors Cameron Sivwright and Benedict Cheung; and private equity partner Clayton James and senior associate Li-Lian Yeo.

The team worked closely with the BINGO Industries core deal team, including Chris Jeffrey, Stephen Schmidhofer, Brendan Martin and Tara Osborne.

Involved fees earner: Wes Bainbridge – Gilbert + Tobin; Gina Cass-Gottlieb – Gilbert + Tobin; Matthew Coe – Gilbert + Tobin; Costas Condoleon – Gilbert + Tobin; Peter Cook – Gilbert + Tobin; Charles Coorey – Gilbert + Tobin; Alastair Corrigall – Gilbert + Tobin; Shananne Joyce – Gilbert + Tobin; Muhunthan Kanagaratnam – Gilbert + Tobin; Kevin Ko – Gilbert + Tobin; Angus McWhirter – Gilbert + Tobin; Chris Morse – Gilbert + Tobin; John Schembri – Gilbert + Tobin; Brent Thompson – Gilbert + Tobin; Benedict Cheung – Herbert Smith Freehills; Tony Damian – Herbert Smith Freehills; Clayton James – Herbert Smith Freehills; Jason Jordan – Herbert Smith Freehills; William Kunstler – Herbert Smith Freehills; Cameron Sivwright – Herbert Smith Freehills; Li-Lian Yeo – Herbert Smith Freehills;

Law Firms: Gilbert + Tobin; Herbert Smith Freehills;

Clients: Bingo Industries Limited; Macquarie Infrastructure and Real Assets ;

Sonia Carcano

Author: Sonia Carcano