Dutch waste processer and market leader AVR has been bought by a Chinese consortium for €944m.

The consortium, led by Cheung Kong Infrastructure, is taking over AVR from its current owner Van Gansewinkel, which in turn is owned by private equity groups. The Dutch firm generates energy from burning waste in Rozenburg, near Rotterdam, and Duiven.

Cheung King is owned by Chinese billionaire Li Ka-shing and took over a New Zealand waste processor earlier this year. The 85-year-old tycoon is said to be the richest man in Asia.

Van Gansewinkel merged with AVR in 2007. The divestment will allow Van Gansewinkel to ‘significantly strengthen’ its financial position, chief executive Cees van Gent said in a statement. ‘We are now fully focusing on collection and recycling,’ he said.