Hong Kong tycoon to buy New Zealand firm for US$412m

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 US$412 million, marking another overseas venture for the billionaire.

Li’s Cheung Kong Infrastructure Holdings (CKI) said it will pay NZ$490 million (US$412 million) to fully acquire EnviroWaste in a deal that is expected to be sealed in the second quarter of this year, CKI said.

EnviroWaste offers bin collection, recycling and landfill services, among others, to some half a million commercial and residential customers across the country.

via Business feed http://www.scmp.com/business/companies/article/1128561/hong-kong-tycoon-buy-new-zealand-firm-us412m