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

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: