Goodbye job applications, hello dream career
Seize control of your career and design the future you deserve with LW career

Tox cleans up with medical waste solutions group

Waste management and industrial services provider Tox Free Solutions has moved to buy 100 per cent of a company that offers disposal solutions to the healthcare sector.

user iconMelissa Coade 07 November 2016 Big Law
Tox cleans up with medical waste solutions group
expand image

Firms: Clayton Utz (Tox Free Solutions Ltd); King & Wood Mallesons (Daniels Health Pty Ltd)

Deal: Tox Free Solutions Ltd (Tox) acquired 100 per cent of Daniels Health Pty Ltd and Daniels Manufacturing Pty Ltd.

Value: $186 million (subject to adjustment)

Advertisement
Advertisement

Area: M&A

Key players: The Clayton Utz team advising Tox was led by partners Mark Paganin (pictured) and Stuart Byrne. Senior associate Stephen Neale and lawyers Kaley Ohariw, Thomas Parker and Annella Cox assisted.  

Deal significance:

ASX-listed environment, waste management and industrial services provider Tox has moved to completely acquire Daniels Health Australia (Daniels Health).  

As part of the deal Tox has acquired 100 per cent of the shares and related assets of Daniels Health Pty Ltd and Daniels Manufacturing Pty Ltd for a total consideration of $186 million (subject to adjustments). The company announced the acquisition in Perth last week.  

Daniels Health offers medical waste solutions to the Australian healthcare sector. The company employs about 300 staff across 17 sites that provide collection and treatment of various medical waste products, including the safe disposal of sharps.

Daniels is also involved in the management of three New Zealand sites through joint ventures.

Tox is also being advised by Clayton Utz with respect to a non-renounceable entitlement offer to raise total proceeds of $85 million. Some of the proceeds are expected to go towards its acquisition of Daniels Health.

The offer is for a fully underwritten 1 for 3.9 pro rata accelerated non-renounceable entitlement.

The institutional component of the entitlement offer opened last month and the retail component opened on 3 November 2016.

 

You need to be a member to post comments. Become a member for free today!

Tags