RPT-Warburg Pincus sells stake in Australia's Transpacific - report
(Repeats story first published on Sunday; no change to text) PERTH, Nov 3 (Reuters) - Private equity firm Warburg Pincus sold its entire 33.9 percent stake in Australian waste management firm Transpacific Industries Group (TPI.AX) through UBS, the Australian Financial Review reported on Sunday.
The newspaper identified no sources.
Demand from investors saw an initial offering of A$400 million ($377 million) of Transpacific stock at A$1.05 per share increased to A$570 million worth, it reported.
A spokeswoman for Warburg Pincus declined to comment on the sale and 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 via placement and rights issue at A$1.80 and A$1.20 a share. The private equity firm also participated in a rights issue at 50 cents a share in 2011.
A Warburg Pincus source told Reuters that it had invested a total of A$521.5 million in Transpacific, its sole investment in Australia.
Transpacific last week said it had hired Deutsche Bank to sell its New Zealand waste management unit - which has previously been reported as being worth as much as NZ$900 million ($743 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 Ron Popeski) (Reporting by Morag MacKinnon)
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video