News

Energy & Offshore

Staff Reporter

, Singapore

Published:

1 year ago

358 views

Photo via Keppel's website

Keppel Infrastructure Trust sells 24.62% stake in Ventura Motors for $109m

It will retain a 73.06% stake in Ventura after the sale.

Keppel Infrastructure Trust (KIT) will sell a 24.62% stake in Ventura Motors Pty. Ltd. to funds managed by Samsung Asset Management for $109m (A$130m), a 19% premium over its original purchase price.

After the sale, KIT will retain a 73.06% stake in Ventura, with CEO Andrew Cornwall holding the remaining 2.32%. KIT had acquired a 97.68% stake in Ventura in June 2024 for an enterprise value of A$600m.

Ventura is the largest bus operator in Victoria, Australia, with 900 buses, 12 depots, and over 530 routes. It serves more than 42 million passengers annually and operates Victoria’s first fully electric bus depot, with 27 zero-emission buses under the state’s ZEB Trial.

KIT CEO Kevin Neo said the divestment supports the Trust’s capital recycling strategy and strengthens its financial position, following an earlier sale of its 50% stake in Philippine Coastal Storage & Pipeline Corporation.

The deal is expected to close in Q3 2025, subject to regulatory approvals.

KIT said the transaction will not materially impact its distribution or net tangible assets for FY2025.

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