Keppel Infrastructure Trust (KIT), the largest infrastructure business trust listed on the Singapore Exchange, has completed the acquisition of an approximately 97.68 percent interest in Ventura Motors, the largest bus service business in Victoria, Australia.
As part of the deal, Andrew Cornwall, the current managing director of Ventura, remains CEO of the company and retains the rest of the minority stake in the business.
Ventura provides essential transport services and has the largest market share of public bus services in Victoria, operating approximately 530 routes out of Melbourne’s 1,200 total routes. In February, KIT announced plans to acquire the majority stake in Ventura for an enterprise value of A$600 million ($399 million). The acquisition has been funded by a term loan facility.
“The addition of Ventura to KIT’s portfolio will help
