Keppel Asia Infrastructure Fund leads divestment of 800 Super at over S$600 million

The sale to Actis is expected to be completed before the end of the year, subject to approval from the relevant regulators

The infrastructure division of asset manager Keppel and Keppel Asia Infrastructure Fund (Kaif) announced on Tuesday (Sep 23) a joint divestment of their combined 80 per cent interest in 800 Super Holdings to sustainable infrastructure investor Actis.

800 Super is an integrated environmental solutions provider in Singapore and 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 the Republic.

The proposed transaction marks Kaif’s first sale and values 800 Super at more than S$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 holds a 32 per cent interest. The remaining 20 per cent interest in 800 Super is currently held by its co-founder and chief executive officer William Lee. He will be divesting a 10 per cent stake to Actis, and retaining a 10 per cent stake post-transaction.

Both Keppel and Kaif will receive their share of the consideration in cash.

The sale is expected to be completed before the end of the year, and is subject to conditions precedent and approval from the relevant regulators.

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The proposed transaction is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel for the current financial year.

Shares of Keppel closed flat on Monday at S$8.82 before the news.