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Keppel consortium to acquire 80% majority stake in 800 Super Holdings for $304 mil

Bryan Wu
·2-min read

KAIF and Keppel Infrastructure will hold 48% and 32% interest in 800 Super with the remaining 20% held by CEO William Lee

A Keppel consortium comprising Keppel Infrastructure Asia Fund LP (KAIF) and Keppel Corporation’s wholly-owned subsidiary Keppel Infrastructure Holdings are jointly acquiring an 80% interest in 800 Super Holdings, a Singapore environmental services company.

800 Super, one of three licensed public waste collectors in Singapore, is a leading integrated environmental solutions provider and has four main operating segments, waste management, waste treatment, integrated public cleaning and other environmental services.

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KAIF and Keppel Infrastructure will hold 48% and 32% interest respectively in 800 Super, with the remaining 20% held by 800 Super’s co-founder and CEO William Lee, who will continue to be 800 Super’s CEO post investment by the Keppel consortium.

Lee currently holds a 20% indirect interest in 800 Super, which will be acquired by the Keppel consortium. Post completion of the acquisition, Lee will reinvest all sales proceeds to subscribe for a new 20% indirect interest in 800 Super. The total purchase consideration for the 100% interest in 800 Super is $380 million, of which the Keppel consortium will be funding $304 million.

The Keppel consortium believes that 800 Super will be a strong addition to the Keppel Group as it is well positioned to realise its market potential by unlocking the “latent capacity” in its waste treatment segment to meet increasing demand in the sector.

The transaction is in line with Keppel’s Vision 2030, which places sustainability at the core of the group’s strategy and also marks KAIF’s first investment in the Singapore environmental services sector.

Christina Tan, CEO of Keppel Capital, the parent company of the manager of KAIF, says: “We are pleased to add another sterling asset to KAIF’s portfolio. 800 Super’s strong market position will enable it to capture more opportunities as Singapore intensifies its sustainable waste management efforts. We are confident that 800 Super will contribute to strong and sustainable returns for our investors.”

CEO of Keppel Infrastructure Cindy Lim adds: “The acquisition of a strategic interest in 800 Super complements and broadens the range of environmental services that Keppel Infrastructure offers. It will also create opportunities to synergise operations and enhance competitive advantages of the two companies. As demand for environmental services continues to rise in Singapore and the region, we look forward to working closely with the management of 800 Super to pursue more opportunities by leveraging our technological differentiators, deep technical knowhow and operating performance track records.”

Shares in Keppel Corporation closed 2 cents or 0.28% down at $7.01 on Aug 24.

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