SYDNEY Australia's Transpacific Industries Group Ltd (TPI.AX) 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 ($798 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 (CG.O), a consortium involving investment manager Morrison & Co, two Maori tribes and infrastructure investor Infratil Ltd (IFT.NZ), 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".
($1 = 1.1901 New Zealand dollars)
(Reporting by Lincoln Feast; Editing by Kevin Liffey)