Keppel Infrastructure Trust (KIT), through its fund management sector, has officially completed the acquisition of operator Ventura Motors this week.
From Monday this week, KIT officially owns approximately 97.68 per cent interest in Ventura.
This means KIT is now the owner of roughly 530 Melbourne bus routes that Ventura runs, with current managing director Andrew Cornwall remaining as the CEO and retaining the rest of the minority stake.
The acquisition has been funded by a term loan facility, with KIT saying its financial position remains strong following the purchase.
“The addition of Ventura to KIT’s portfolio will help to bolster recurring and predictable cash flows for the Trust,” Keppel Infrastructure Fund Management (KIFM) CEO Kevin Neo says.
“As the new owner, KIT will further the successes of the Ventura team as the business enters its next phase of growth.
“Tapping on Keppel and KIT’s wider experience in designing, executing and managing EV charging solutions, we will work closely with Andrew and the management team to accelerate Ventura’s electrification program to support the Victorian government’s drive for zero-emission bus services.”
KIT’s assets under management will grow from roughly $9 billion as of January 2 this year to approximately $9.8 billion upon the completion of the acquisition.