Tuesday, 16 July 2024
Citi advises Beijing Capital on ECO stake sale
Beijing Capital Eco-Environment Protection Group (Beijing Capital) has entered into a definitive agreement to sell its 100% stake in ECO Industrial Environmental Engineering (ECO) to Séché Environnement (Séché) for an equity value of SGD605 million ($450 million).
Citi acted as the exclusive sell-side financial advisor to Beijing Capital on this transaction. Citi has played a leading role on the most significant transactions involving Chinese divestitures in environmental services over the past few years. These include Beijing Capital’s $1.3 billion sale of Waste Management New Zealand to Igeno Infrastructure in 2022 where Citi acted as exclusive sell-side advisor and Platinum Equity’s $4.2 billion acquisition of Urbaser from China Tianying in 2021 where Citi advised the buy-side.
Present since 1995 across the entire value chain in the hazardous waste business, and with a market share of around 32%, ECO is today the number one operator in Singapore’s hazardous waste recovery and treatment markets, well ahead of its main competitors in terms of installed capacity, volumes handled, service offerings and customer portfolio. It is a pioneer in the circular economy with expertise in activated carbon reactivation and precious metal regeneration. ECO has a diversified customer base of blue-chip industrials belonging to the core target sectors of chemicals, pharmaceuticals, energy and renewables and semiconductors.
Re-disseminated by The Asian Banker
