Bord na Móna to buy waste firm for €61m

State-owned Bord na Móna is to buy waste manager Advanced Environmental Solutions (AES) for €61 million.

One of the beneficiaries of the deal will be entrepreneur, Bill McCabe, who is an investor in AES. Bord na Móna announced yesterday that it had made an offer through AIB Corporate Finance, for the entire issued share capital of AES, valuing it at €61 million.

A statement issued yesterday said the directors of AES would unanimously recommend the offer to shareholders and had committed to selling their own interests in the company. Mr McCabe is one of its directors.

Davy Corporate Finance advised the AES board.

The offer is conditional on Bord na Móna getting at least 80 per cent of the company's issued share capital and on Competition Authority approval.

AES is one of Ireland's biggest waste managers. It provides services that include consultation, collection, recovery, recycling and disposal. It has a large number of private shareholders.

Mr McCabe, who was associated with a number of technology companies, invested in the company a number of years ago.

His Oyster Technologies vehicle is listed as one of the shareholders, along with Davy and Merrion Stockbroker nominee accounts.