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The Australian Financial Review has reported that Igneo Infrastructure Partners has signed a $1.9 billion deal to buy Waste Management NZ from Beijing Capital Group.
Waste Management NZ has faced stiff opposition from iwi and a range of community groups to the Dome Valley landfill proposal. Appeals against its resource consent have been lodged with the Environment Court and are due to be heard in July.
Fight the Tip, Save the Dome executive member Michelle Carmichael says that at this stage it is hard to predetermine what the sale will mean for the proposed Dome Valley landfill.
“We will monitor what effect this might have on the proposed project, and how the company responds to having multiple appeals against the proposal in the Environment Court,” she says.
Completion of the sale transaction is subject to approval by the Overseas Investment Office and other customary consents.
The deal is Igneo’s first waste management acquisition in New Zealand, although it has other investments here, including First Gas, a natural gas transmission, storage and distribution business; and Tuatahi First Fibre, the second largest fibre-to-the-premises broadband network.
Waste Management’s collections business operates with more than 860 trucks across 70 locations in New Zealand, collecting more than 2.1 million municipal bins a month. The post-collections segment comprises a nationwide network of 49 material recovery, transfer stations and technical facilities, handling more than one million tonnes of residual waste and recycling more than 200 thousand tonnes.
