Beijing Capital Group beats Carlyle to TPI’s New Zealand business
Beijing Capital Group, a Chinese state-owned enterprise principally involved in infrastructure, has outmuscled bidders including The Carlyle Group to buy Transpacific Industries Group’s (TPI) New Zealand waste management business for NZ$950 million ($794 million).
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,...
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