The receiver of Greenstar Holdings has agreed a deal to sell the business to an affiliate of Cerberus European Investments.

David Carson of Deloitte said the deal is still subject to regulatory consents and other conditions.

The waste management business was placed in receivership last August 2012. Mr Carson said he is targeting a completion of the transaction in the second quarter of 2013.

The buyer is an affiliate of New York-based Cerberus Capital Management, one of the world's leading private investment firms.

"The Greenstar business is complex but plays a vital role in Ireland. Working on a solution to the business has been challenging, and changes in the company were required to make it a sustainable business," Mr Carson said.

Based in Dublin, Greenstar has 85,000 domestic and commercial customers nationwide.