((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
French industrial group Seche Environnement CCHE.PA has agreed to buy Singapore’s ECO Industrial Environmental Engineering for about S$605 million ($447.4 million), according to a company statement dated Monday.
The group is buying Singaporean hazardous waste processing company Beijing Capital Eco-Environment Protection Group 600008.SS, according to the press release.
Reuters reported earlier this month that the sale had attracted interested companies, including global infrastructure investors such as Actis and I Squared Capital. ) “ECO will provide us with a platform for significant growth in the Asia-Pacific region (across all our businesses,” Maxime Seche, CEO of Seche Environnement, said in the release.
“This is a major transaction that will accelerate our profitable growth strategy,” he added.
ECO is the leading operator in the Singaporean hazardous waste recovery and treatment market, with a market share of approximately 32%, Seche Environnement said in the press release.
In 2023, ECO generated sales of approximately S$96 million and adjusted earnings before interest, taxes, depreciation and amortization of approximately S$41 million, according to the statement.
Citi acted as exclusive advisory bank to Beijing Capital for the transaction, according to a separate statement from Beijing Capital.
Seche Environnement has engaged BNP Paribas as advisory bank and Latham & Watkins as legal advisor for this transaction, according to its press release.
($1 = 1.3523 Singapore dollars)