By P.R. Venkat
Keppel Infrastructure Trust plans to buy the largest bus-service business in Victoria, Australia, for an enterprise value of 600 million Australian dollars (US$390.8 million).
The Singapore-listed company will buy a 98.6% stake in Ventura Motors, based in Melbourne, Keppel said in a statement Monday.
The company said that Ventura has a fleet of about 900 buses and commands the largest market share of public bus services in Victoria, operating approximately 530 out of Melbourne’s over 1,200 total routes.
Keppel said that over 80% of Ventura’s revenue comes from long-term government route services, meaning that revenue won’t fluctuate with volumes of passengers or fares.
The transaction is expected to be completed in the second quarter of this year, subject to regulatory approvals.
Write to P.R. Venkat at [email protected]
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