Waste Management, the country's biggest waste company, has been sold to an Australian investment fund for $1.9 billion, according to an Australian media report.
Photo: Waste Management
The Australian Financial Review said Igneo Infrastructure Partners had beaten off two other suitors in a bidding process that was concluded this week.
Waste Management was acquired in 2014 for $950m by Chinese investment firm, Beijing Capital from Australian company Transpacific, which had merged with the New Zealand publicly listed company in 2006.
Igneo, formerly known as First Sentier Investors, defeated private equity giant KKR and Morgan Stanley Infrastructure Partners in the auction.
The deal is subject to Overseas Investment Office approval but expected to complete by the end of the year.
Investment companies have been active in buying utility and infrastructure related assets, which often have strong cashflows and public body contracts.
Waste Management has five landfills in New Zealand and operates 29 transfer stations, with more than 1200 staff, and close to 900 rubbish trucks.
