Cleanaway expands presence in Melbourne through acquisition

Cleanaway Waste Management Ltd. (Australia: CWY) has released an update.

Cleanaway Waste Management Ltd. has announced its $110 million strategic acquisition of Citywide Waste, including a 35-year lease at a key waste transfer station in West Melbourne. The move is intended to streamline Cleanaway’s debt collection operations, expand its infrastructure network and is expected to boost profits following a $35 million redevelopment of the facility. Although the acquisition is fully debt-financed and pending regulatory approval, Cleanaway anticipates a significant increase in integrated earnings following the redevelopment.

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