Singapore's Keppel Corp (KPLM.SI) said on Wednesday it would acquire a majority stake in local environmental services firm 800 Super Holdings through a consortium in a deal that values the business at S$380 million ($273 million).
The consortium will pay S$304 million to buy 80% stake in 800 Super, one of the three public waste collectors in the city-state.
The group will hold the stake via Keppel Asia Infrastructure Fund and Keppel Infrastructure.
William Lee, chief executive officer of 800 Super, will hold the remaining 20% stake in the firm.
"The acquisition of a strategic interest in 800 Super complements and broadens the range of environmental services that Keppel Infrastructure offers," said Cindy Lim, CEO of Keppel Infrastructure.
Reuters reported last week that the founders of 800 Super, backed by private equity firm KKR & Co (KKR.N), are nearing a deal to sell the business which could value it at around $300 million
