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China Tianying Weighs Minority Stake Sale in Spain’s Urbaser

Manuel Baigorri and Vinicy Chan

(Bloomberg) -- China Tianying Inc. is considering a sale of a minority stake in Spanish waste management company Urbaser SA that could raise as much as $600 million, according to people familiar with the matter.

The Chinese environmental services group is working with financial advisers on the potential sale of a 20% to 30% stake in Madrid-based Urbaser, the people said, asking not to be identified because the matter is private. Tianying is seeking to raise $400 million to $600 million in the minority stake sale, depending on the final size and structure of the deal, the people said.

The Spanish asset could draw interest from peers in the sector as well as investment funds, one of the people said. Tianying is looking to raise cash to help cut its debt and fund further expansion in China, the person said.

Considerations are preliminary and China Tianying can decide against a disposal, the people said. A representative for the Hai’an, Jiangsu-based company declined to comment.

Shares of China Tianying erased losses in Shenzhen after the Bloomberg News report. The stock rose as much as 2% in its biggest intraday advance in almost three weeks.

Tianying operates in 34 countries and has 73,000 employees, according to its website. Its services include waste collection, treatment and disposal as well as urban cleaning and maintenance of green areas. The Chinese company acquired a 100% stake in Urbaser for 8.88 billion yuan ($1.3 billion) in 2018.

Urbaser reported 2.14 billion euros ($2.5 billion) in revenue and 831 million euros in equity in 2019, its website shows. The company has more than 35,000 employees across 30 countries. It provides services from street cleaning to managing green areas, rubbish and sewer networks. It also collects, treats and recovers domestic and industrial waste.

(Adds China Tianying’s shares in fifth paragraph.)

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