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Beijing Capital seals major deal
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Beijing Capital Group has agreed to acquire the New Zealand waste management business of Australia’s Transpacific Industries Group for NZ$950 million (US$798 million).
The Transpacific NZ deal could provide foreign expertise to the Chinese conglomerate, which is also engaged in waste treatment in its home market, and allow Brisbane-based 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 a major acquisition outside China, represents a strategic investment into the country’s integrated waste management sector,” Wang Hao, CEO and vice chairman of Beijing Capital, said in a joint statement yesterday.
“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 — subject to regulatory approval from New Zealand and Chinese authorities — to complete by the end of June, the statement said. The Transpacific NZ management team will remain.
Transpacific NZ runs 29 refuse transfer stations and five landfills in New Zealand.
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