Hong Kong billionaire Li Ka Shing buys Dutch waste firm for $1.26 bln
17 Jun 2013
A consortium led by Cheung Kong Infrastructure, controlled by Asia's richest man Li Ka-shing, today agreed to buy Dutch waste processing firm AVR Afvalverwerking BV (AVR), for €943.68 million ($1.26 billion).
The deal comes five months after Li Ka-shing's Cheung Kong Infrastructure acquired New Zealand's second-biggest garbage disposal company Envirowaste, for $412 million.
Hong Kong-based Cheung Kong Infrastructure Holdings Ltd, Cheung Kong Holdings, Li Ka Shing Foundation Ltd, and Power Assets Holdings Ltd, will form a joint venture, which will buy AVR, a subsidiary of Van Gansewinkel Groep BV, from private equity firms CVC Capital Partners and KKR & Co.
Cheung Kong Infrastructure and Cheung Kong Holdings will each hold 35 per cent of the JV, Power Assets will hold 20 per cent and Li Ka Shing Foundation will hold the remaining 10 per cent.
AVR is the largest energy from waste company in the Netherlands. It is the country's market leader, holding a 23-per cent market share of the waste processing industry.
In 2012, AVR generated sales of €256 million with an EBITDAE of € 108 million.
Cees van Gent, CEO of Van Gansewinkel Groep, said, ''For Van Gansewinkel Groep it is a new important step forward. With this transaction, we significantly strengthen our financial position. We are now fully focussing on collection and recycling."
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