HK's CKI buys NZ waste firm for $421 mln from Ironbridge

WELLINGTON Mon Jan 14, 2013 5:55pm EST

WELLINGTON Jan 15 (Reuters) - Australian private equity firm Ironbridge said on Tuesday it has sold its New Zealand waste company, EnviroWaste, to Hong Kong's Cheung Kong Infrastructure Holdings for NZ$501 million ($421 million), including NZ$11 million in debt.

Ironbridge funds, which acquired EnviroWaste from Fulton Hogan in April 2007, also owns Global Renewables in Australia.

The deal, subject to conditions including approval by New Zealand's Overseas Investment Office, would represent a multiple of 10 times Envirowaste's 2012 earning before interest, taxes, depreciation and amortisation.

($1=NZ$1.19) (Reporting by Mantik Kusjanto; Editing by Tim Dobbyn)

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