Keppel, KAIF to divest majority stake in 800 Super to Actis in $600m deal

KAIF sells 48% and Keppel sells 32%.

Keppel Asia Infrastructure Fund LP (KAIF) and Keppel Ltd.’s Infrastructure Division have announced plans to sell their combined 80% stake in Singapore-based environmental services company 800 Super Holdings Limited to Actis.

The transaction, which values 800 Super at over $600m on a 100% enterprise value basis, marks KAIF’s first divestment since its inception.

Under the agreement, KAIF and Keppel will offload their respective 48% and 32% holdings in cash. Co-founder and CEO William Lee, who owns the remaining 20% stake, will sell half of his interest to Actis and retain a 10% share post-transaction.

800 Super provides waste management, waste treatment, public cleaning, and other environmental services, and is one of three licensed public waste collectors in Singapore.

Keppel said the company has achieved 20% EBITDA growth since its 2022 acquisition, supported by key contract renewals and expansion into toxic industrial waste.

The sale is expected to deliver a mid-teens internal rate of return and significant capital gains for KAIF investors.

The deal is targeted to close by year-end, subject to regulatory approval, and will not materially affect Keppel’s earnings or net tangible assets this financial year.

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