Transpacific Industries has entered into an agreement to sell its New Zealand business to a wholly-owned subsidiary of Beijing Capital Group for $950 million, according to Chapman Tripp.
Chapman Tripp advised Transpacific Industries Group on the $950 million sale, which is expected to close by the end of June, 2014 and is subject to Overseas Investment Office (OIO) consent and Chinese regulatory approvals.
Partner John Strowger led the Chapman Tripp team, which also included senior associate Jarrod Murphy and solicitor Radhika Rani. The team advised on all New Zealand aspects of the competitive bid process and sale, including preparation of the vendor’s due diligence report and review of the OIO application.
“We were delighted to have the opportunity to work with the TPI team and its other advisers on this transaction and are very pleased with the outcome achieved for the client,” said Strowger.
The New Zealand company previously traded as Waste Management and was one of the share market's highest performers before it was taken over by Transpacific for $870 million in 2006.
The company now reportedly has more than 200,000 customers and 800 trucks.