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Warburg Pincus exits from its waste management investments in Australia

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November 2
11:39 AM 2013

Warburg Pincus, the private equity firm, is selling off its shareholdings in the Australian waste management company Transpacific Industries Group. The sale would be managed by UBS, as confirmed by a Transpacific spokesperson last Saturday.

The said sale was first reported in the Australian Financial Review. The sale would be done through the purchase of shares priced at AUD1.05 per share with a deal worth AUD400 million or USD378 million. UBS spokesperson was not available for a comment.

Brisbane based Transpacific had made Warburg Pincus one of its cornerstone investors back in 2009 when it purchased a 33.9% at USD1.80 per share. The Transpacific investment is the first and only investment that the private equity group had done in Australia. 

Transpacific announced earlier in the week that it hired Deutsche Bank to oversee the sale of its waste management unit. The said stake was previously estimated to be worth NZD900 million. The sale proceeds would be used to grow its Australian business interests.

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