The Australian Financial Review (AFR) has announced that Victorian family bus operator Ventura Bus is set to be sold to Singapore asset management company Keppel Infrastructure Trust.
The process is set to come to a close after the AFR first reported that last year Ventura worked with Goldman Sachs to be put up for sale.
Now in its 100th year of operations, Ventura received two bids, with the AFR saying that Spain’s Mobility ADO joined Keppel in offering final bids.
Flagstaff Partners, as financial adviser for Keppel, confirmed that Keppel entered into an agreement to acquire Ventura Bus Lines for an enterprise value of $600 million.
“The acquisition expands Keppel’s footprint in Australia and represents its first investment in the transport sector,” Flagstaff Partner says in a LinkedIn statement.
The deal allows Keppel to add to its recent financial moves that includes a $1 billion refinancing round with major banks last year.