The Overseas Investment Office has approved the sale of the Waste Management New Zealand business to international investment firm Igneo Infrastructure Partners.
Igneo signed a deal to buy Waste Management NZ from Chinese private equity firm Beijing Capital after beating KKR & Co and Morgan Stanley Infrastructure Partners to the draw in April.
Managing Director of Waste Management NZ Evan Maehl said the company was supportive of Waste Management's ambition to be New Zealand's leader in materials and energy recovery.
The company is already New Zealand's largest composter.
Waste Management collects a quarter of the country's recycling and operates one of the largest EV fleets in Australia and New Zealand.