(Reuters) – Carlyle Group and KKR have advanced in the sale of Transpacific Industries Group Ltd’s waste management unit, in a deal that could fetch around NZ$880 million ($725.5 million), people familiar with the matter told Reuters.
Australian private equity firm Archer Capital is also among the bidders that have advanced in the auction, the people said.
Transpacific Industries (TPI.AX: Quote, Profile, Research, Stock Buzz), a recycling, waste management and industrial services company, is selling assets in New Zealand to focus on growing its Australian business as part of a broader corporate revamp.
Carlyle (CG.O: Quote, Profile, Research, Stock Buzz), KKR (KKR.N: Quote, Profile, Research, Stock Buzz) and Archer are working with banks to put together debt packages to back their bids, the people said. The three firms declined to comment.