French waste and water giant Suez will acquire joint venture partner Sembcorp's stake in Australia's second-biggest waste-management business for $485 million. 
Sembcorp, which is listed in Singapore, announced on Monday that it had agreed to sell its 40 per cent stake in the Australian waste joint venture to Suez.
Suez managing director Jean-Louis Chaussade said the transaction would allow the company to integrate its portfolio of activities in "a very promising [Australian] market".
He also hinted at possible further deals in the Australian market.
"Following this acquisition, the financial flexibility of the group remains strong and keeps Suez ready to seize new development opportunities," he said.
The Paris-based company, formerly known as Suez Environnement, began consolidating its 40 global brands recently under the Suez brand.
Mr Chaussade told Fairfax Media in   March he was looking at acquisition opportunities around the world and Australia was an attractive market. He said at the time the group had EUR600 million ($946 million) to EUR700 million of extra financial capacity.
The Suez-Sembcorp joint venture is the second-biggest collector of roadside rubbish in the country.