Ashurst have acted for Transpacific Industries Group Ltd (Transpacific) on the sale of its New Zealand waste business to a wholly-owned subsidiary of the Beijing Capital Group for NZ$950 million.

The Ashurst team was led by corporate partner and Ashurst Corporate Global Head Phil Breden, who said of the deal: "Over the last nine months we have advised Transpacific on the divestment of two significant assets, namely the sale of Commercial Vehicles Group to Penske Automotive and the New Zealand waste business to Beijing Capital.

"These successful transactions will realise sale proceeds of just over $1.1 billion, which significantly enhances the company's financial flexibility moving forward. It has been terrific to work with Transpacific on these transactions and particularly pleasing to involve our Hong Kong and Beijing offices on negotiations with Beijing Capital."

Also in the Ashurst team were partner Vivian Chang and senior associate Sanjay Wavde (Tax); partners Sarah Dulhunty and Stephen Menzies, senior associates Raymond Lou, Anton Harris and Leslie de Bruyn and lawyers Lim Zang, Kathleen Liu, Akiko Morioka and Sofia Dubinsky (Corporate); partner Timothy Lipscombe and senior associate Kenneth Tang (Banking); with partner Anita Cade and senior associate Elizabeth Ireland (IP).