Cleanaway Shares Surge 8.2% Following AU$377Mn Acquisition Deal

Thu 20 Mar 25, 02:09 AM | Team Kalkine

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Highlights

Stock Soars: Cleanaway Waste Management jumps 8.2% to AU$2.76, marking its best session since April 2024.

Major Acquisition: The company announces the purchase of Contract Resources for AU$377 million ($239.62 million).

Strategic Expansion: The deal is expected to bring AU$12 million in annual net cost synergies and bolster Cleanaway's decommissioning, decontamination, and remediation services.

Shares of Cleanaway Waste Management Ltd (ASX:CWY) surged 8.2% on Thursday to AU$2.76 following the announcement of a major acquisition deal. The stock is now on track for its strongest trading session since 23 April 2024.

The Australian waste management firm revealed plans to acquire Contract Resources, a leading provider of industrial and environmental services, for AU$377 million ($239.62 million).

Strategic Move for Growth

Cleanaway stated that the acquisition aligns with its long-term strategy to expand its service offerings. The deal is expected to deliver approximately AU$12 million in annual net cost synergies.

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