Billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings (CKI) has beefed up its presence in New Zealand with a $501 million purchase of EnviroWaste, which employs about 500 people and operates 14 transfer stations, three landfills, and a fleet of more than 290 vehicles nationwide, according to a report from BusinessDesk.co.nz.
The biggest user of waste material by mass in Hong Kong is looking to leverage its expertise in materials handling as it expands into waste management, while collecting a steady income from EnviroWaste, according to the report. The company, which still has $HK5 billion of cash on hand after three large acquisitions in the past four months, said New Zealand has always been one of its core markets of interest. In 2008, Vector sold its Wellington electricity network to CKI for $785 million.
EnviroWaste is one of only two vertically integrated waste collection and disposal companies operating throughout New Zealand.
The agreement is designed to bring together the strengths of each party and expand expertise by assessing market opportunities, working together to research commercial, legal and regulatory issues related to driverless transportation-as-a-service offerings in France and Japan.