Li's CKI buys NZ utility for US$412m
Source: Agencies |
January 16, 2013, Wednesday
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Print Edition
Print Edition
A HONG Kong company controlled by Asia's richest man said yesterday that it's buying New Zealand's second-biggest waste disposal company.
Cheung Kong Infrastructure Holdings Ltd, controlled by billionaire Li Ka-shing, is paying NZ$490 million (US$412 million) in cash to buy EnviroWaste Services Ltd from Australian private equity firm Ironbridge Capital.
The deal represents a tidy profit for Ironbridge, which bought EnviroWaste in 2007 for NZ$259 million. The deal, which is subject to regulatory approval, is expected to be completed in the second quarter of 2013.
It's the latest overseas acquisition for the Hong Kong company. Last year, the company bought a renewable power transmission network in Australia and was part of a group that purchased a gas company in Britain. It also owns utility businesses in New Zealand and Canada and highways and bridges on the Chinese mainland.
EnviroWaste serves about half a million residential and business customers across New Zealand. It has more than 500 employees and owns garbage collection and recycling depots, landfills, transfer stations and electricity generating stations that convert methane gas from waste dumps.
"Waste management provides good opportunity for future growth," Group Managing Director Kam Hing-lam said in a statement. "It is expected that New Zealand will experience long-term waste volume growth as the economy continues to expand."
Forbes estimated 84-year-old Li's fortune at US$30 billion.
Cheung Kong Infrastructure Holdings Ltd, controlled by billionaire Li Ka-shing, is paying NZ$490 million (US$412 million) in cash to buy EnviroWaste Services Ltd from Australian private equity firm Ironbridge Capital.
The deal represents a tidy profit for Ironbridge, which bought EnviroWaste in 2007 for NZ$259 million. The deal, which is subject to regulatory approval, is expected to be completed in the second quarter of 2013.
It's the latest overseas acquisition for the Hong Kong company. Last year, the company bought a renewable power transmission network in Australia and was part of a group that purchased a gas company in Britain. It also owns utility businesses in New Zealand and Canada and highways and bridges on the Chinese mainland.
EnviroWaste serves about half a million residential and business customers across New Zealand. It has more than 500 employees and owns garbage collection and recycling depots, landfills, transfer stations and electricity generating stations that convert methane gas from waste dumps.
"Waste management provides good opportunity for future growth," Group Managing Director Kam Hing-lam said in a statement. "It is expected that New Zealand will experience long-term waste volume growth as the economy continues to expand."
Forbes estimated 84-year-old Li's fortune at US$30 billion.
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