Stagecoach sells New Zealand business to Infratil |
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Published
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Tue, 22 Nov 2005 01:35
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LONDON: Britain's rail and bus operator Stagecoach Group Plc. said it is selling its New Zealand operations to Infratil Ltd for NZ$250.5 million in cash. The operations consist of bus services in Auckland and Wellington and a ferry service, Fullers Ferries, in Auckland. The sale is expected to be completed by 29 November.
The company operates some 365 buses in Wellington and 658 buses in Auckland. It said the sale will result in a reduction in the net debt of the company of 95 million pounds. It expects to net 20 million pounds. The New Zealand operations had a turnover of 50 million pounds and an operating profit of 8.7 million pounds.
Stagecoach's chief executive Brian Souter said the group would explore possibilities for complementary acquisitions in the U.K. and North American bus markets.
In the U.K., the company operates about 7,000 buses, has two wholly-owned UK rail franchises - South West Trains and Island Line - and has a 49 per cent shareholding in Virgin Rail Group, which runs the West Coast and CrossCountry franchises.
Infratil is a New Zealand Stock Exchange listed investment company specialising in infrastructure and utility assets.
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