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Blackstone, Carlyle to bid for Transpacific waste unit - report

  • Andrew Woodman
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The Blackstone Group and The Carlyle Group are said to be among suitors for Transpacific Industries Group's New Zealand waste management unit, with first round bids expected by December 6. Japan's Orix Corp. and New Zealand infrastructure investor Infratil are also said to be in running to acquire the asset.

According to Reuters, there are also a number of smaller New Zealand institutions considering bids, but given the size of the business, they are unable to participate individually.

The business is said to be valued at around NZ$900 million ($737.37 million). Transpacific forecasts a full-year 2014 EBITDA of around NZ$110 million for the unit.

Transpacific - which specializes in recycling, waste management and industrial services - said it was looking to sell its assets in New Zealand in order to focus on growing its Australian arm as part of a broader corporate restructuring. Deutsche Bank is advising Transpacific on the sale.

If the deal goes ahead it would be the second sale of a New Zealand waste company to take place this year. In January, Ironbridge Capital sold EnviroWaste Services to Hong Kong's Cheung Kong Infrastructure Holdings for for NZ$490 million - representing an earnings multiple of about 15x, based on EnviroWaste's EBITA of NZ$32.1 million for the 2012 fiscal year.

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