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Beijing Capital agrees to buy waste management business
Online Edition
Chinese conglomerate Beijing Capital Group has agreed to acquire Transpacific Industries Group's New Zealand waste management business for NZ$950 million (US$798 million).
The deal could give some expertise to Beijing Capital, which at home is also engaged in waste treatment, and allow Transpacific to better focus on its core Australia waste management operations.
“BCG's acquisition of Transpacific NZ, which is its first-ever investment in New Zealand and major acquisition outside China, represents a strategic investment into the country's integrated waste management sector,” Wang Hao, CEO and deputy chairman of Beijing Capital, said in a joint statement today. “The investment carries significant and mutual technical and commercial benefits for both companies and will open further strong commercial links between the New Zealand and Chinese markets.”
Transpacific and Beijing Capital expect the sale, which is subject to regulatory approval from New Zealand and Chinese authorities, to complete by the end of June, according to the statement. The management team of Transpacific NZ will remain.
Transpacific NZ, with revenue of NZ$369 million and earnings of NZ$107 million in the 2013 fiscal year, is a leading waste management firm in New Zealand. It has 1,100 employees, 29 refuse transfer stations and five landfills.
Beijing Capital, owned by the Beijing municipal government, is engaged in waste management, mass transit railway and toll road construction and operation, as well as property development.
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