Dubai-based waste management company Averda International is looking to sell a majority stake in its business, Reuters reports, citing sources close to the matter. The firm hired investment bank Moelis and Co. to arrange the sale, the sources said, but did not provide further details on the size of the transaction or the expected timeline.

Who is Averda? Founded in 1964 in Lebanon, Averda is a privately-owned business serving public and private clients in segments including urban, industrial, healthcare, recycling and processing, and energy and disposal. Dubai private equity outfit Growthgate Capital has a substantial 33.3% minority stake. The company serves around 12 mn residents in eight Middle Eastern, Africa, and South Asian countries.

Averda has been trying to IPO for years now: Whispers of an IPO emerged in 2019 when Averda eyed a listing valued at USD 700 mn on the London Stock Exchange, according to Arabian Business. The company was also in talks to go public via SPAC merger with blank check company Better World Acquisition earlier this year, but the transaction fell through, according to Bloomberg. It then considered a direct listing in the UAE or the KSA.