Keppel Asia Infrastructure Fund leads divestment of 800 Super at over $600 million valuation
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800 Super's integrated waste treatment plant in Tuas. The company is one of three licensed public waste collectors in Singapore.
PHOTO: KEPPEL
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SINGAPORE - The infrastructure division of asset manager Keppel and Keppel Asia Infrastructure Fund (Kaif) announced on Sept 23 a divestment of their combined 80 per cent interest in 800 Super Holdings.
An integrated environmental solutions provider in Singapore, 800 Super has four main operating segments – waste management, waste treatment, integrated public cleaning and other environmental services.
The company is also one of three licensed public waste collectors in Singapore.
The proposed transaction marks Kaif’s first sale and values 800 Super at over $600 million, based on 100 per cent of the waste management group’s enterprise value.
Kaif holds a 48 per cent stake in 800 Super, while Keppel has 32 per cent. They are selling their stakes to Actis, a leading growth market investor in sustainable infrastructure.
The remaining 20 per cent interest in 800 Super is held by its co-founder and chief executive William Lee, who will divest half his stake to Actis and retain the balance.
Keppel and Kaif will receive their share of the consideration in cash.
The sale is expected to be completed before the end of 2025, and is subject to conditions precedent and approval from the relevant regulators.
Keppel said that the proposed transaction was not expected to have any material impact on its net tangible asset per share or earnings per share for the current financial year.
Shares of Keppel, which also announced Keppel DC Reit’s acquisition of a Tokyo data centre for $707 million late on Sept 22, ended market trading up 1.02 per cent, or nine cents, at $8.91 on Sept 23. THE BUSINESS TIMES
