Next Capital acquires NZ Bus, from Infratil
Leading independent private equity firm, Next Capital has acquired Infratil Limited’s NZ Bus business, with New Zealand law firm MinterEllisonRuddWatts advising the private equity firm.
The acquisition of NZ Bus is the result of a strategic review by Infratil in February 2018, and concludes its 14-year investment in public transport.
The transaction was signed in December 2018, and completed on 2 September 2019 after all regulatory and council approvals were obtained.
Infratil have announced that the final purchase price, after post completion adjustments, is expected to be between NZ$125 million and NZ$145 million.
MinterEllisonRuddWatts advised on the acquisition, as well as the financing arrangements, which were partly completed by way of vendor finance, and partly by senior debt from a syndicate of major New Zealand banks.
On completion of the deal, Mark Forman commented: “We were delighted to advise Next Capital on another successful transaction – and a deal that is significant for New Zealand’s growing population and economy. The delivery of efficient and reliable public transport services is critical to support our country’s growth.
“This transaction represents a substantial investment by Next Capital into a business that is an important part of New Zealand’s transport infrastructure.”
Next Capital will work with local authorities and the NZ Bus team to grow the business and its people, while delivering essential public transport solutions for New Zealand.
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