Warburg Pincus selling stake in Australia's Transpacific
PERTH, Australia (Reuters) - Private equity firm Warburg Pincus is selling a stake in Australian waste management firm Transpacific Industries Group (TPI.AX) through UBS, a Transpacific spokesman said on Saturday.
The Australian Financial Review reported that the shares were being offered at A$1.05 and the deal was worth A$400 million ($378 million). A spokeswoman for UBS was unavailable for comment.
Warburg Pincus became a cornerstone investor in Brisbane-based Transpacific in 2009 when it bought a 33.9 percent stake at A$1.80 a share. It is the first and only investment in Australia for the global private equity group.
Earlier this week, Transpacific said it had hired Deutsche Bank to sell its New Zealand waste management unit - which has previously been reported as being worth NZ$900 million - to focus on growing its Australian arm.
Shares in the recycling, waste management and industrial services firm rose to their highest level in more than two years this week and closed at A$1.12 on Friday.
(Reporting by Morag MacKinnon; Editing by Jeremy Laurence)
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