leadf
logo-loader
viewBiffa PLC

Biffa buys Simply Waste for £35mln

Simply Waste is an industrial and commercial waste collection business located in the south of England

Biffa PLC - Biffa buys Simply Waste for £35mln

Biffa PLC (LON:BIFF) has announced the acquisition of Simply Waste for an upfront debt and cash-free consideration of £35mln funded from the group's existing committed debt facilities.

The waste management firm said it may pay another £5mln based on the performance of the business through to March 2021.

READ: Biffa says revenues now at 90% of last year's levels

Simply Waste is an industrial and commercial waste collection business located in the south of England. In the year to March 31, 2020, it reported revenues of £32mln, underlying earnings (EBITDA) of £5.2mln, operating profit of £3.1mln and gross assets of £16.4mln.

Biffa said the acquisition will be earnings accretive from the outset and will deliver synergies from operational benefits, while it is in line with its investment strategy to grow its industrial and commercial operations.

Shares advanced 2% to 232.15p on Friday at the opening bell.

--Adds shares--

Quick facts: Biffa PLC

Price: 248.6 GBX

LSE:BIFF
Market: LSE
Market Cap: £758.3 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Tirupati Graphite presents progress at their Graphene and Mintech Research...

Tirupati Graphite PLC's (LON:TGR) CEO Shishir Poddar talks to Proactive London about the progress being made at their research centre, the Tirupati Graphene and Mintech Research Centre (TGMRC) in India. Poddar discusses the drive and innovation of his team which is working together to enhance...

40 minutes ago

2 min read