Beijing Capital Group beats Carlyle to TPI’s New Zealand business

TPI said in a regulatory filing that the sale will allow it to redeem preference shares, refinance syndicated debt and fund future investments. The transaction is expected to close by the end of June, pending regulatory approvals in China and New Zealand.

In addition to Carlyle and Beijing Capital, a local consortium involving two Maori tribes and a forth unidentified bidder reportedly made it to the final round of the auction. The Blackstone Group and Japan's Orix Corp. were also reported to be among early suitors for the asset.

Transpacific, which specializes in recycling, waste management and industrial services, is selling the New Zealand arm as part of a broader restructuring which will see it exit non-core businesses and focus on growing its Australian operations.

The decision to sell the unit came just before Warburg Pincus exited its one third holding in Transpacific via the public market in November, generating proceeds of around A$570 million ($540 million).

Beijing Capital's infrastructure operations encompass water treatment, waste management, mass transit railways and toll roads. It is also a leading real estate developer. The group had total assets exceeding $21 billion as of year-end 2013, with annual revenues of $3.7 billion. It employs 20,000 people.

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• Topics
• Buyouts
• Australasia
• Infrastructure
• Greater China
• Infrastructure
• China
• Australia
• M&A
• The Carlyle Group
• buyout