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First round bids for Transpacific’s waste management unit due on December 6

27 Nov 2013

newzealand_170sqAustralian industrial services group Transpacific has set a December 6 deadline for first round bids for its New Zealand waste management unit, which has attracted interest from private equity firms.

Suitors include buyout firms Blackstone and Carlyle, Japanese conglomerate Orix and New Zealand investment firm Infratil, said Basis Point, citing a source familiar with the process.

A number of smaller New Zealand institutions are interested in the company, but are unable to make solo bids, said the source.

Final bids for the business, which is reportedly valued at NZ$900m ($737m), will likely be made in the first quarter of 2014.

Transpacific expects the unit to post earnings of around NZ$110m next year.

Recent deals in new Zealand included Quadrant’s exit from retirement village operator Summerset Group.

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