Transpacific to sell NZ waste management to Beijing Capital Group for $950 mln

Sun, 02 Mar 2014

By Suze Metherell March 3 (BusinessDesk) – Transpacific Industries Group, the Australian waste management company, agreed to sell its New Zealand business to Beijing Capital Group for $950 million, raising cash to repay debt. The Queensland-based company hired Deutsche Bank in October to advise on the sale of its New Zealand unit, to focus on its more profitable Australian business. It wrote down the value of the kiwi business by A$188 million in 2011 after acquiring the operations for $870 million in 2006. The company’s decision to scale...

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