ComfortDelGro shocks everyone with acquisition plans of private bus firm

Bus fleet to increase to 420.

According to OCBC, ComfortDelGro announced yesterday that it will acquire a privately-held bus company, Driver Group Pty Ltd, for A$22m.

OCBC said that this acquisition will add five long-term, metropolitan bus routes in the Eastern suburbs of Melbourne to ComfortDelgro’s Australian operations in Victoria, and increase its fleet to 420 buses from 378.

"Assuming regulatory approval, this deal will be completed in Jul 2013. While the deal is relatively smaller compared to its previous acquisitions in Australia and will not have a material impact on its earnings in FY13, it demonstrates management’s intent to actively grow its overseas operations and we view this positively," OCBC said.

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