Asia > Eastern Asia > Hong Kong > Hong Kong billionaire Li Ka-shing is buying a Dutch waste

Hong Kong: Hong Kong billionaire Li Ka-shing is buying a Dutch waste

2013/06/24

A group of Li's companies inclunding Cheung Kong Infrastructure said Monday they were buying AVR-Afvalverwerking BV.

Li's companies said they were buying the company because it represents a “compelling long-term investment opportunity for the consortium.” Hong Kong billionaire Li Ka-shing is buying a Dutch waste and renewable energy company for 943.7 million euros (US$1.3 billion).

Van Gansewinkel Groep, which is selling the company, said the transaction would close in the third quarter of 2013. The transaction still needs clearance from the European Commission's competition authority.

It's the second time this year that Asia's richest man has bought a foreign waste company.

In January, Cheung Kong Infrastructure paid US$412 million for New Zealand's second-biggest garbage disposal company, Envirowaste.

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