BC Partners and PAI Partners drop out of Essent Milieu auction

UK private equity firm BC Partners has dropped out of the auction for waste management business Essent Milieu, as well as French private equity house Paribas Affaires Industrielles (PAI) Partners.

The consortium composed of Deutsche Bank's RREEF Alternative Investments and Waste Management Inc, had also withdrawn from the process.

Still contending for the target are US waste firm Covanta and the Dutch (Orange) consortium, which includes infrastructure funds linked to NIBC and Fortis. The process, led by Credit Suisse and ING, is in its second round and sector experts expect bids to be below the EUR700m mark.

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