Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ngāi Tahu, Tainui agree to buy Go Bus from Next Capital

Ngāi Tahu, Tainui agree to buy Go Bus from Next Capital for $170M

Aug. 12 (BusinessDesk) – Ngai Tahu Holdings Corp and Tainui Group Holdings, the iwi investment companies, have agreed to buy national passenger transport firm Go Bus from Australian private equity firm Next Capital for a reported $170 million.

Ngai Tahu will take a two-thirds stake in Go Bus and Tainui will take the remaining third, according to a joint statement. The purchase, due to settle on Sept. 30, is conditional, they said, without giving details.

Next Capital acquired Go Bus, which operates urban, school and charter bus services throughout New Zealand, in 2012. According to the firm’s website it paid $84.6 million for an 86.8 million stake. A range of local investors owned the balance, according to the Companies Office.

The bus company has a “solid earnings stream stemming from long term contracts with limited revenue and margin risks,” according to Next Capital. It also has a “pipeline of growth opportunities as a result of the structure of the New Zealand bus industry and the impact of regulatory initiatives.”

Go Bus’s financial performance is “underpinned by long-term contracts with local and central government and associated agencies.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news