EnviroWaste

Cheung Kong Infrastructure buys New Zealand waste firm

Li Ka-shing’s CKI will pay $422 million to Ironbridge for EnviroWaste.
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EnviroWaste is the second-biggest waste services business in New Zealand
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<div style="text-align: left;"> EnviroWaste is the second-biggest waste services business in New Zealand </div>

Hong Kong-listed Cheung Kong Infrastructure Holdings CKI has agreed to buy New Zealand waste management company EnviroWaste for NZ$501 million $422 million, according to a statement yesterday. The acquisition indicates that CKI is continuing its recent acquisition spree.

The sale by Australian private equity firm Ironbridge values EnviroWaste at 10 times earnings before interest, tax, depreciation and amortisation Ebitda for the fiscal year to June 2012 and includes NZ$11 million of debt, according to the statement.

Firch Ratings said that it expects CKI will mostly fund the acquisition with available cash, which amounted to an estimated HK$7 billion $903 million at...

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