Keppel Infrastructure Trust (KIT) will divest a 24.62% stake in Ventura Motors Pty. Ltd., Victoria’s largest public bus service operator, to private funds managed by Samsung Asset Management for A$130 million, according to an announcement by KIT’s trustee-manager, Keppel Infrastructure Fund Management.
The transaction represents a 19% premium over the price KIT paid for the stake when it acquired a 97.68% holding in Ventura in June 2024 at an enterprise value of A$600 million.
Following the deal, KIT will retain a 73.06% interest in Ventura, while Ventura CEO Andrew Cornwall will continue to hold 2.32%.
Headquartered in Melbourne, Ventura operates approximately 530 of the city’s 1,200 public bus routes, moving more than 42 million passengers annually.
The company owns around 900 buses and manages 12 depots across the state of Victoria.
The partial divestment aligns with KIT’s capital recycling strategy, allowing it to unlock value from Ventura while maintaining control of the business.
Combined with KIT’s earlier exit from a 50% stake in Philippine Coastal Storage and Pipeline Corporation, total divestment proceeds in recent months have reached around S$301 million.
Proceeds from the sale are expected to enhance KIT’s balance sheet flexibility and support its ability to pursue future strategic investments.
Ventura plays a key role in Victoria’s public transport sustainability efforts, operating the state’s first fully electric bus depot and the largest fleet of zero-emission electric buses under the government’s trial program.
The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2025.
KIT said the deal is not expected to have a material impact on its distribution per unit or net tangible assets for the financial year ending December 31, 2025.
Business News Asia