ComfortDelGro grabs remaining 49% stake in Aussie subsidiary for $196M

Cabcharge is now a wholly-owned subsidiary.

ComfortDelGro Corporation entered into a Share Sale Agreement with Cabcharge Australia Limited to acquire the remaining 49% stake in ComfortDelGro Cabcharge Pty Ltd (CDC) for AUD186M (approximately $196M), according to a media release by the company.

The agreement, which is still subject to approval from the Australian Foreign Investment Review Board, is based on a valuation of 4.6 times 2015 EBITDA of CDC and will be financed by a combination of internal funds and bank borrowings.

With a combined fleet of 1,712 buses and a total staff strength of about 2,300, CDC has grown to become one of the largest private bus operators in New South Wales and Victoria, operating contract scheduled bus, school bus, private contract and charter bus services.

Mr Kua Hong Pak, ComfortDelGro managing director and Group CEO, said, “The acquisition of the remaining stake in CDC reflects our commitment to the Australian market and our continued confidence in its growth potential. Through a wholly-owned subsidiary, we are better able to seek new opportunities to grow the business.”

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia