SINGAPORE – French industrial group Seche Environnement has agreed to buy Singapore’s ECO Industrial Environmental Engineering for around $605 million, according to a statement by the company on June 17.
The group is buying the hazardous waste company from Beijing Capital Eco-Environment Protection Group, according to the statement.
Reuters reported earlier in June that the sale had attracted interested companies including global infrastructure investors such as Actis and I Squared Capital.
“ECO will provide us with a platform for significant growth in the (Asia-Pacific) region in all our businesses,” Seche Environnement’s chief executive officer Maxime Seche said in the statement.
“This is a major operation that will accelerate our strategy of profitable growth,” he added.
ECO is the No. 1 operator in Singapore’s hazardous waste recovery and treatment market, with a market share of around 32 per cent, Seche Environnement said in the statement.
In 2023, ECO generated sales of around $96 million and adjusted earnings before interest, taxes, depreciation and amortisation of around $41 million, the statement showed.
Citi acted as the exclusive sell-side financial adviser to Beijing Capital on the transaction, according to a separate statement by Beijing Capital.
Seche Environnement hired BNP Paribas as financial adviser and Latham & Watkins as legal adviser for the deal, its statement said. REUTERS
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