Samsung Asset Management has bought a stake in a bus service in south-eastern Australia from Keppel Infrastructure Trust (KIT) for A$130m (€74m).
Keppel Infrastructure Fund Management (KIFM), manager of the listed KIT, said it has sold a 24.62% stake in Ventura Motors, Victoria’s largest bus service, to a private fund managed by Samsung. The sale represents a 19% increase over the amount KIT originally paid for the stake.
KIT acquired a 97.68% stake in Ventura in June 2024 for an enterprise value of A$600m. Following the transaction, KIT and Andrew Cornwall, CEO of Ventura, will continue to hold stakes of 73.06% and 2.32% respectively in Ventura.
Headquartered in Melbourne, Ventura has a fleet of about 900 buses and 12 depots. The company has the largest market share of public bus services in Victoria, operating approximately 530 routes out of Melbourne’s 1,200-plus total routes.
Kevin Neo, CEO of KIFM, said, “As part of KIT’s value creation strategy, we are pleased to be able to realise the upside in Ventura’s value through the divestment of a partial stake to Samsung.
“This divestment, coupled with our earlier divestment of our 50% stake in Philippine Coastal Storage & Pipeline Corporation, both amounting to approximately S$301m (€205m), will bolster KIT’s financial strength and agility, and enhance KIT’s ability to capture further opportunities through strategic capital recycling.”
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