The transaction is expected to be completed in 2Q2024, subject to the conditions precedent including the approval from the Australian Foreign Investment Review Board and consent from Victoria's head of transport.
Keppel Infrastructure Trust (KIT) (SGX:A7RU
) is acquiring an approximately 98.6% stake in Ventura Motors, the largest bus service business in Victoria, Australia for an enterprise value of A$600 million ($540 million).
Ventura managing director Andrew Cornwall will remain as CEO and retain a minority stake in the business.
