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Transpacific Industries Group Limited (ASX:TPI, NZE:TPI) has scored the green light to sell its New Zealand waste management business for about $880 million.All approvals from Chinese authorities and New Zealand’s Overseas Investment Office have been now secured for Chinese state owned infrastructure enterprise Beijing Capital Group to buy the business.The sale is now expected to be completed by the end of the current financial year and proceeds are expected to be put to refinancing debt and funding future investments.At the time of announcing the deal in March Transpacific CEO Robert Boucher says the sale will provide increased flexibility as the company looks to enhance its Australian waste management business, focus on long term growth opportunities and generate improved returns.Transpacific Industries Group reported a net profit of $167 million in the first half of the 2014 financial year.
