SYDNEY, Nov 27 (Reuters) - First-round bids are due on Dec. 6 for Transpacific Industries Group Ltd's New Zealand waste management unit, which is attracting interest from international private equity firms and trade bidders, Basis Point reported on Wednesday.
Suitors are said to include private equity giants Blackstone Group and Carlyle Group, as well as Japan's Orix and New Zealand infrastructure investor Infratil , said Basis Point, a Thomson Reuters publication.
There are also a number of smaller New Zealand institutions looking at the asset, but they are not be able to mount solo bids given the relatively large size of the business, Basis Point said, citing a source familiar with the process.
Bank funding is not needed during this initial round. Final bids are likely in the first quarter of 2014 after a short-listing process.
Media reports have valued the business at NZ$900 million ($737.37 million). Transpacific forecasts full-year 2014 earnings before interest, tax, depreciation and amortisation of around NZ$110 million for the waste business.
The recycling, waste management and industrial services company said it was looking to sell its assets in New Zealand to focus on growing its Australian arm as part of a broader corporate revamp.
The New Zealand sale will be benchmarked to private equity firm Ironbridge Capital's earlier sale this year of its New Zealand waste company, EnviroWaste Services Ltd, to Hong Kong's Cheung Kong Infrastructure Holdings Ltd for NZ$501 million including NZ$11 million in debt.
Deutsche Bank is advising Transpacific on the sale.