Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Iwi Partnership’s Go Bus Sale Concludes

The sale of passenger transport company Go Bus from a Ngāi Tahu and Waikato-Tainui partnership to Melbourne-based industry operator Kinetic has completed today.

Ngāi Tahu Holdings and Tainui Group Holdings announced their decision to sell Go Bus in March, subject to approval from the Overseas Investment Office. The office’s approval was received in June.

Kinetic operates SkyBus in Auckland and 177 other passenger transit services across Australasia, including leading Queensland transit brands Surfside Buslines and Sunbus, and Sydney’s largest bus and coach charter company Telford’s. It is majority owned by OPTrust, one of Canada’s largest defined benefit pension plans.

Ngāi Tahu Holdings Chair Mark Tume says all parties are pleased with the outcome.

“We purchased Go Bus with our partner Tainui Group Holdings in 2014 and our focus on development has resulted in strong growth across the business. The completion of this sale to Kinetic allows us to realise the value of that growth.

“Ngāi Tahu Holdings will use the proceeds to provide further balance sheet flexibility to fund further investment into our existing portfolio and take advantage of opportunities arising from the current market.”

Tainui Group Holdings Chairman Sir Henry van der Heyden says the completion of the sale marks the conclusion of a successful ownership partnership with Ngai Tahu for Go Bus.

“Bringing together the combined resources of the two iwi has yielded a result where the sum is greater than the parts. We’re proud that Go Bus is a larger and stronger business with a great team in place, as it begins life as part of the Kinetic family,” Sir Henry says

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Mark Tume and Sir Henry also thanked the Go Bus team for their hard work over the past six years, with Kinetic being well-placed to lead the next stage of the Go Bus journey with more than 40 years as a major operator in the mass transit industry,

Ngāi Tahu Holdings and Tainui Group Holdings were advised by Murray & Co and Minter Ellison Rudd Watts.

About Go Bus

Go Bus was acquired by Ngāi Tahu Holdings and Tainui Group Holdings in 2014.

With 29 depots and more than 1,700 vehicles operating from Auckland to Invercargill, Go Bus is the largest and most diverse operator of passenger service vehicles in Aotearoa.

The transporter provides metro and school services under long-term contracts to more regional authorities in the country than any other operator, as well as special needs transport and charter services.

About Kinetic

Kinetic has firmly established its transport credentials with extensive experience and capabilities to deliver major projects for government, airports and private clients.

Its success is underpinned by a customer first culture led by its people, assets and ongoing investment in customer innovation.

With the acquisition of Go Bus, Kinetic’s collective brands will move in excess of 50 million people throughout Australasia every year and will be the largest mass transit bus operator in the region with 2,800 buses, 49 depots and more than 4,000 people.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.