Singapore’s sovereign wealth fund GIC has agreed to acquire a 25% stake in waste management company Reworld, according to people familiar with the matter.
GIC is buying the holding from Reworld’s owner, the investment firm EQT. A deal could be announced as soon as Wednesday, the people said, asking not to be identified discussing confidential information.
A representative for EQT declined to comment while a representative for GIC did not immediately have a comment.
Bloomberg News reported in May that a deal could value Morristown, New Jersey-based Reworld at more than US$8 billion ($10.31 billion), including debt.
Led by CEO Azeez Mohammed, Reworld has more than 100 facilities, according to its website. It serves municipal, residential, commercial and industrial customers in North America. EQT acquired the company in 2021 for US$5.3 billion, including the assumption of the company’s net debt.
EQT holds Reworld in its EQT Infrastructure V fund. In late September, EQT infrastructure funds agreed to sell a minority stake in data centre provider EdgeConneX to Sixth Street.
