American private equity firm KKR is to buy two businesses from Anglo-Australian logistics giant Brambles Industries for A$1.83 billion (£732 million) in cash.
Brambles, which floated out of Redditch-based GKN some years ago, said last year it was selling its Cleanaway waste management arm and its material handling and logistics unit, Industrial Services.
The idea was to focus on its profitable CHEP pallet arm and its data management division.
At the time Brambles said that asset sales would generate at least A$2.8 billion (£1.11 billion) which could be used for share buybacks; A$810 million (£323 million) has been returned to shareholders, a company source said.
Brambles, which is listed in both Australia and Britain, said it expected to complete the sale of Cleanaway and Industrial Services by early July.
Chief executive David Turner noted: "KKR made clearly the best overall offer - a good price and importantly, a very clean sale able to be speedily completed with no conditions precedent."
KKR, which has opened offices in Tokyo and Hong Kong in the past year, said the acquisition was its first investment in Australia and its third major investment in Asia over the past year.
"These are world class businesses that we hope to take to the next level," KKR director Justin Reizes said.
Buyout firms, which typically snap-up undervalued companies, restructure the business and sell them usually 3-5 years later at a premium, have been investing in Australia at a record rate this year.
KKR's deal follows the purchase of the Myer department store chain by a consortium led by private equity firm TPGNewbridge in March.
Brambles said its total proceeds from divestments to date, which also includes Cleanaway Germany and Brambles Industrial Services Northern Hemisphere, was £1.32 billion. It said it was in the final stages of the process to sell Cleanaway UK.
In the separate sales process for Cleanaway UK, sources said last week that six financial and trade bidders have submitted offers for the asset which they say Brambles is trying to sell for as much as £650 million.
In the UK, Cleanaway is best known for its blue street cleaning vans and it also handles hazardous waste and provides ground maintenance and landscaping.