Keppel Infrastructure Trust (KIT) has acquired Ventura Motors, a bus services company in Australia, for an enterprise value of A$600m (€362m).
Keppel Infrastructure Fund Management (KIFM), KIT’s trustee-manager, said the trust was acquiring approximately 98.6% of the Melbourne-headquartered company.
KIFM intends to fund the investment with a combination of internal sources of funds, equity and/or debt capital market issuances and/or external borrowings.
Ventura, the largest bus service business in Victoria, is a first mover in Victoria for energy transition in the public transportation sector. It has a fleet of 27 zero-emission electric buses responsible for delivering over half of the trial electric buses under the Victorian government’s Zero Emission Bus Trial.
Kevin Neo, chief executive of KIFM, said: “As the market leader, Ventura is well-placed to support the evolving public transportation needs of the fast-growing population of Melbourne, with a strong commitment to sustainability.”
Neo said: “As the new owner, KIT will further the successes of the Ventura team as the business enters its next phase of growth, supporting the Victorian Government’s drive for zero-emission bus services.”
Andrew Cornwall, managing director of Ventura, who stays on as chief executive, described the transaction as “an exciting new direction for our family business” that had been providing bus services for 100 years to Victorian commuters.
“Our new journey with KIT will provide our executives, staff, and stakeholders with confidence in aspiring to a new level of sustainability, in our growing community,” said Cornwall.
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