kkr-sells-cleanaway-to-transpacific

KKR sells Cleanaway to Transpacific

Less than 12 months after completing a leveraged buy-out of Cleanaway, KKR sells the Australian waste management business for $1 billion.

By Cherie Marriott

May 16, 2007

In one of the fastest asset flips in private equity history, Kohlberg Kravis Roberts KKR yesterday sold part of its Australian waste management business to a trade buyer for an estimated return-on-equity of around 60%.

Queensland-based Transpacific Industries purchased the Cleanaway business from KKR for A$1.25 billion $1 billion in cash, less than 12 months after KKR won a bidding war to buy the asset from its original owners Brambles. At the time, KKR stunned the market by paying A$1.83 billion for both the Cleanaway and Industrial Services Australia businesses û well above the price offered by other bidders, including Transpacific.

Though KKR hasnÆt confirmed how much it stands to make from the flip, it...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222