April 13 (Reuters) - Cleanaway Waste Management (NYSE:WM) Ltd CWY.AX :
* UPDATE REGARDING ACQUISITION OF SUEZ'S AUSTRALIAN RECYCLING AND RECOVERY BUSINESS
* INFORMED BY SUEZ THAT IT HAS REACHED AN IN‐PRINCIPLE AGREEMENT WITH VEOLIA ENVIRONNEMENT S.A. FOR A TAKEOVER
* WILL ACQUIRE A PORTFOLIO OF STRATEGIC POST COLLECTION ASSETS IN SYDNEY.
* ASSETS COMPRISE 2 LANDFILLS AND 5 TRANSFER STATIONS AND WILL BE ACQUIRED FOR $501 MILLION
* EXPECTS SUEZ R&R ACQUISITION WILL BE TERMINATED ON, OR PRIOR TO 6 MAY, AND SYDNEY ASSETS ACQUISITION WILL PROCEED
* BASED ON EXPECTED TIMELINE FOR TAKEOVER OF SUEZ BY VEOLIA, SYDNEY ASSETS ACQUISITION EXPECTED TO COMPLETE IN Q2 OF CY22
* SUEZ HAS ANNOUNCED THAT IN‐PRINCIPLE AGREEMENT PROVIDES FOR SUSPENSION OF ONGOING LEGAL PROCEEDINGS
* WILL PROVIDE FURTHER INFO ON PROPOSED FUNDING OF ACQUISITION IN DUE COURSE