The Carlyle Group is reportedly set to buy Waste Services Group, after Pacific Equity Partners dropped its acquisition bid.
Waste Services Group, an Australian waste management company, is expected to be bought for over A$1 billion.
Pacific Equity Partners exited the race shortly after it said it had acquired Freight Management Holdings (FMH), Singapore Post’s Australian division, for $1.02 billion.
“We are thrilled to welcome FMH Group to our portfolio. FMH Group has a stellar track record of growth, a passionate team and a clear and compelling trajectory,” said Pacific Equity Partners managing director David Brown.
EQ Infrastructure was previously a strong contender in the race to buy Waste Services Group, but exited the race to focus on infrastructure-based businesses.
Hong Kong private equity firm Gaw Capital Partners also offered to acquire Waste Services Group earlier this month.
Final bids for Waste Services Group were due on Friday, with the deal with Carlyle being negotiated through Tuesday, according to The Australian.
Waste Services Group has been the fastest-growing waste management firm in Australia since 2016, according to the company.
Its earnings are reportedly expected to increase from $100 million to $250 million over the next five years.
The Carlyle Group’s (NASDAQ: CG) share price closed at US$52.48 yesterday, down from a previous close of $52.78. Its market cap is $18.8 billion.
