UPDATE 2-Australia's BINGO Industries agrees to $1.8 bln buyout by Macquarie funds

* Shares jump up to 7.2% in heavy trade, hit over 14-month high

* BINGO intends to declare special dividend of A$0.117 a share

* MIRA offers BINGO shareholders two alternative deal structures (Rewrites throughout with shares, background and details)

April 27 (Reuters) - Australian waste management firm BINGO Industries Ltd agreed on Tuesday to a A$2.3 billion ($1.79 billion) buyout by funds managed by Macquarie Group , sending its shares to a more than 14-month high.

The waste management industry has seen a flurry of deals lately, including a 13-billion-euro ($15.71 billion) merger of global giants Veolia and Suez, and Cleanaway Waste Management’s acquisition of certain Sydney-based assets of Suez for A$501 million.

In Australia, the government has directed investment towards the recycling and waste management industry ahead of a 2024 ban on the export of unprocessed waste plastic, paper, glass and tyres, hoping to create thousands of new jobs.

Macquarie Infrastructure and Real Assets (MIRA) has offered BINGO shareholders an option between A$3.45 per share in cash and a mix of cash and shares at slightly less A$3.30 a share.

Shares of BINGO, which also intends to declare a special dividend of A$0.117 before the deal is sealed, climbed as much as 7.2% in heavy early trade to A$3.43.

CPE Capital had approached BINGO in January with MIRA, but reportedly dropped out recently. The private equity firm did not immediately respond to a request for comment.

Elizabeth Crouch, the chairwoman of an independent committee formed by BINGO to look at the deal, said they explored alternatives, including “standalone Value Creation Opportunities And Alternative Bidder Interest,” but concluded MIRA offered the most value to shareholders.

The alternative A$3.30 a share scheme offers shareholders A$1.32 in cash minus any special dividend, and the remainder in shares of an unlisted company that will own BINGO.

BINGO has a fleet of more than 330 trucks across New South Wales and Victoria states, as well as recycling and collection facilities and landfill sites.

$1 = 1.2824 Australian dollars $1 = 0.8277 euros Reporting by Arundhati Dutta and Nikhil Kurian Nainan in Bengaluru; Editing by Aditya Soni and Subhranshu Sahu