Private equity firm Navis Capital Partners, Kuala Lumpur, Malaysia, and SK Ecoplant, an environmental service provider based in Seoul, South Korea, have signed a definitive agreement to acquire TES, an information technology asset disposal company based in Singapore.
"The acquisition of TES will be a milestone for SK Ecoplant to become a leader in the exponentially growing global sustainable IT life cycle services market," says Park Kyung-Il, CEO of SK Ecoplant. "The company will continue to invest in companies with high growth potential and innovative technology and pursue M&A activity to become a global-leading environmental solutions provider."
According to a news release from SK Ecoplant, the transaction values TES at $1 billion and is expected to close in the second quarter. TES says the acquisition will be a key driver in accelerating its entry into the global market for environmental services.
"SK Ecoplant's experience and shared vision of a more sustainable world make them the perfect partner for TES,” says Gary Steele, CEO of TES. “The commitment represented by SK's investment reaffirms that, and we couldn't be more excited about working with them to offer sustainable technology solutions that drive the circular economy."
The two say the acquisition also will maximize synergies that both companies have in battery recycling and plastics innovations and accelerate the growth plan for TES' existing business strategy.