Infratil said today after the market closed that its conditional agreement to purchase Stagecoach NZ. has gone forward and is now unconditional.
The company said it will spend $250.5 million on the acquisition, with completion scheduled for 29 November.
With major global investments in energy and airports, infrastructure and utility assets investor Infratil [NZX:IFT] has been prowling its own Kiwi backyard recently.
Stagecoach NZ operates urban bus passenger services in Auckland and Wellington as well as owning Fullers ferries in Auckland.
In Wellington, Stagecoach has approximately 365 buses and provides most of the urban passenger services. In Auckland it has approximately 658 buses and provides services throughout Auckland alongside other providers of bus, rail and ferry public transport. It owns 8 ferries.
In May, Infratil reported a profit of $22.5 million, excluding investment realisations.
The company's offshore investments have attracted substantial media coverage lately, but two NZ companies in which it holds substantial shareholdings contributed substantially to this year's results.
NBR reported in May [20 May 2005] that Trustpower, of which Infratil owns 35.2 per cent, finished the financial year with a net surplus after tax of $73.15 million, and Wellington International Airport, of which it owns 66 per cent, increased earnings before interest, tax, depreciation and amortisation by 14.4 per cent to $44.3 million.
In October, Infratil finally cleared the ground clutter away from a potentially big -- and expensive -- deal for Germany's Luebeck Airport.
In September, Infratil said it would take an 11 per cent stakeholding for $US6.14 million ($9 million NZD), in Austral Pacific Energy Limited> [NZSX:APX], an "upstream" drilling and exploration company that operates in under-explored, frontier areas, as well as in proven producing basins such as Taranaki in New Zealand, and the Papuan Basin in PNG.
Stagecoach NZ is a wholly owned subsidiary of Stagecoach Group plc, a leading international transportation group with other operations in the UK, the USA, and Canada.
Stagecoach NZ employs about 1,800 people.
The Stagecoach group businesses operate around 16,000 vehicles and rolling stock and employ around 30,000 people across the globe.
The company was founded in Perth, Scotland. In 1980, by bother and sister entrepreneurs Brian Souter and Anne Gloag who started up with only two buses.
Stagecoach's first investment in the New Zealand transport market was the purchase of Wellington City Transport Limited from Wellington City Council in 1992.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Green party co-leader James Shaw and Business NZ's John Carnegie go head-to-head on the ETS review
- Cream Trading CEO Kevin O'Sullivan on why dairy companies might want to sign up to the new trading platform
- Paul Brislen on the merits of "cutting off the money" versus Netflix' technical attempts to shut-out unblockers
- Westpac's Dominick Stephens says dairy prices are still a major concern, despite El Niño fears fading
- London School of Economics Professor John Kay discusses financial regulatory shortcomings