A consortium of Hong Kong billionaire Li Ka-shing's companies has bought a waste management company in the Netherlands.
In a statement, Cheung Kong Infrastructure (CKI) said it and a group of companies including Cheung Kong, Power Assets Holdings and the Li Ka Shing Foundation, bought Dutch company AVR Afvalverwerking B.V., the country's largest energy-from-waste company, for an estimated HK$9.7 billion.
CKI and Cheung Kong both have a 35 percent stake.
Power Assets and the Li Ka Shing Foundation have 20 and 10 percent, respectively.
The deal, which needs approval from regulators, is expected to close in the third quarter of 2013.
"Since the acquisition of EnviroWaste in New Zealand in January, we have been presented a number of waste treatment business opportunities around the world, " said Andy Hunter, Deputy Managing Director of CKI. "With its secured and stable income as well as good profitability, AVR represents an attractive proposition. "
"Cheung Kong Infrastructure is making good inroads in the area of waste management," added Kam Hing-lam, Cheung Kong Infrastructure's group managing director. "With waste treatment being an imminent issue in most places around the world, we see good growth potential in this business," Kam said.
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