Hong Kong billionaire snaps up Dutch waste processing group

ASIA’S wealthiest man Li Ka-shing is splashing out €943.7m (£801.4m) on a Dutch waste processing firm.

Li’s Cheung Kong Holdings will team up with other firms in Li’s portfolio to buy AVR Afvalverwerking, an energy-from-waste company that is currently a part of Van Gansewinkel Groep.

Its parent firm is owned by private equity groups KKR and CVC. The agreement will be finalised subject to competition authority clearance.

Business magnate Li is widely considered to be Asia’s richest man and his $31bn empire covers property, communications, media, retail and electrics.

In 2011, he spent £2.4bn to take over Northumbrian Water. Yesterday’s purchase comes just five months after Hong Kong-listed Cheung Kong bought New Zealand waste and recycling business EnviroWaste.

Credit Suisse acted as adviser to the sellers.