Keppel Infrastructure Trust (KIT) has acquired Ventura Motors, a bus services company in Australia, for an enterprise value of A$600m (鈧�362m).
Keppel Infrastructure Fund Management (KIFM), KIT鈥檚 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鈥檚 Zero Emission Bus Trial.
Kevin Neo, chief executive of KIFM, said: 鈥淎s 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.鈥�
Neo said: 鈥淎s 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鈥檚 drive for zero-emission bus services.鈥�
Andrew Cornwall, managing director of Ventura, who stays on as chief executive, described the transaction as 鈥渁n exciting new direction for our family business鈥� that had been providing bus services for 100 years to Victorian commuters.
鈥淥ur 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,鈥� said Cornwall.
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