Kim & Chang, South Korea’s largest firm, has advised Swedish investment firm EQT to acquire KJ Environment and affiliated companies from Seoul-based investment firm Genesis Private Equity to establish a waste treatment platform in South Korea.

Reuters said the deal would give the platform, which will focus on plastic recycling and waste-to-energy in South Korea, an enterprise value of over 1 trillion won ($733 million).

It quoted EQT as saying the deal comes as global demand for recycled plastic is expected to accelerate due to strengthened regulations as well as voluntary commitments by companies in the private sector.

EQT recently made an offer to acquire New York-listed Singapore-based online real estate platform PropertyGuru for $1.1 billion.