Transpacific Industries Group Ltd. is selling its New Zealand waste management business to China’s state-owned Beijing Capital Group for NZ$950 million (US$798 million), the Wall Street Journal reported Sunday. Queensland-based Transpacific said it expects to complete the sale by the end of June, subject to regulatory approval from New Zealand and Chinese authorities. The company plans to use proceeds from the sale to redeem its step-up preference securities and refinance its syndicated debt facility, the report said. Some of the money may be put toward future investments and into dividend payouts. In December, Beijing Capital Group reported assets of US$21 billion and revenue of more than US$3.7 billion.
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