Transpacific has sold its New Zealand business to the Beijing Capital Group.
It sold off its NZ arm for NZ$950 million (A$880 million).
Beijing Capital Group is one of China's leading infrastructure companies, with an expertise in water treatment and waste management.
The sale is expected to be completed by the end of June, subject to government approvals.
Transpacific will use the funds to re-finance its debt and fund future investments.
Robert Boucher, Transpacific's CEO, said "the sale of our New Zealand business gives TPI increased financial flexibility. We will look to enhance our Australian waste management businesses, capture long term growth opportunities, and generate improved shareholder value".
He went on to add that "Transpacific New Zealand is a solid business, managing director Tom Nickels and his team have done an excellent job in managing the operations......Beijing Capital group is focused on investing and developing [this] New Zealand business".