SYDNEY, March 3 Australia's Transpacific
Industries Group Ltd said on Monday it had agreed to
sell its New Zealand waste management business to the Beijing
Municipal Government's Beijing Capital Group for NZ$950 million
A source told Reuters last week that Beijing Capital was up
against three other bidders for the New Zealand business,
including private equity giant Carlyle Group, a
consortium involving investment manager Morrison & Co, two Maori
tribes and infrastructure investor Infratil Ltd, and
another unnamed bidder.
Transpacific said it expected the sale to be completed by
the end of June. It said the sale would allow it to redeem its
preference securities, refinance its syndicated debt and fund
future investments. It also said it would consider resuming
paying dividends "in the near term".