Hong Kong-listed Chinese water treatment facility operator Kangda International Environmental Company has acquired a 90% stake in four Chinese sewage treatment plants for US$47 million, according to a company announcement.
Kangda International is backed by Baring Private Equity Asia, which acquired a 30% stake in Kangda in 2012 for US$95 million.
Kangda acquired shares from Shandong Guohuan Industrial Investment, which owns shares of the four targeted sewage treatment plants. The plants have a daily treatment capacity of 210,000 tonnes per day.
Upon completion of the transaction, Shandong Guohua will hold the remaining 10% stake.
Founded in 2009, Kangda International Environmental is engaged in project construction of water treatment, waste gas treatment, municipal engineering and waste incineration power generation, as well as making related investments.