by Staff Writers
Hong Kong (AFP) Jan 15, 2013
A firm owned by Hong Kong tycoon Li Ka-shing said Tuesday it will take over a New Zealand waste management company in a deal worth $412 million, marking another overseas venture for the billionaire.
Li's Cheung Kong Infrastructure Holdings (CKI) said it will pay NZ$490 million ($412 million) to fully acquire EnviroWaste in a deal that is expected to be sealed in the second quarter of this year, CKI said in a statement.
EnviroWaste offers bin collection, recycling and landfill services, among others, to some half a million commercial and residential customers across the country.
"CKI's acquisition of EnviroWaste marks an exciting new chapter in the development of the group's material business," CKI's group managing director HL Kam said in the statement.
"We plan to leverage our expertise in materials handling as we expand into waste management infrastructure."
The multi-million dollar deal is subject to New Zealand regulatory approval.
Hong Kong-listed CKI has been rapidly expanding overseas recently. Last year it was part of a group that acquired British firm MGN Gas Networks for US$1 billion.
Li, 84, who is worth $30 billion according to Forbes, and is nicknamed "Superman" for his long-running business success, has invested heavily abroad as his company seeks to broaden its earnings base outside of Hong Kong.
He started out in business as a plastic flower-maker but now commands a vast empire through his flagship Cheung Kong Holdings, with global assets in property, telecoms, utilities, ports and retail.
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