Seche Environnement to buy Singaporean hazardous waste firm ECO for $447 million

Seche Environnement SA

17/06/2024 18:00

SINGAPORE, June 18 (Reuters) - French industrial group
Seche Environnement  CCHE.PA  has agreed to buy Singapore's ECO
Industrial Environmental Engineering for around S$605 million
($447.4 million), according to a statement by the company dated
Monday.
    The group is buying the Singaporean hazardous waste company
from Beijing Capital Eco-Environment Protection Group
 600008.SS , according to the statement. 
    Reuters reported earlier this month 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 CEO Maxime Seche said in the statement. 
    "This is a major operation that will accelerate our strategy
of profitable growth," he added.
    ECO is the number one operator in Singapore's hazardous
waste recovery and treatment market, with a market share of
around 32%, Seche Environnement said in the statement.
    In 2023, ECO generated sales of around S$96 million and
adjusted earnings before interest, taxes, depreciation and
amortization of around S$41 million, the statement showed.
    Citi acted as the exclusive sell-side financial advisor to
Beijing Capital on the transaction, according to a separate
statement by Beijing Capital.
    Seche Environnement hired BNP Paribas as financial advisor
and Latham & Watkins as legal advisor for this deal, its
statement said.
    ($1 = 1.3523 Singapore dollars)

 (Reporting by Yantoultra Ngui; Editing by Jan Harvey)
 ((Yantoultra.Ngui@thomsonreuters.com;))