The deal includes existing contracts, 72 buses, and associated drivers.
ComfortDelGro Corporation will acquire the private bus chartering assets of Ric-Tat Travel & Coach Services for $6.45m. The acquisition will include existing charter contracts, 72 buses, and associated drivers.
It comes just three months after a similar one involving AZ Bus Pte Ltd for $10.25m. Upon completion of the latest deal, ComfortDelGro subsidiary ComfortDelGro Bus will have a fleet of 370 buses and a total staff strength of 374. Including subcontractors’ buses, the total fleet will be about 530 buses.
Ric-Tat operates private charter and tour bus services. Its customers include American, Japanese multinational corporations and local enterprises from semiconductor, manufacturing, construction, oil & gas, education, and leisure & hospitality industries.
ComfortDelGro managing director and group CEO Yang Ban Seng noted that the unscheduled bus business which is a growing revenue source for the group. “We are confident of the growth outlook of the private bus charter industry,” he added.
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