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TPG buys bus operator Kinetic in $4b-plus deal

TPG has taken the keys to Australia’s largest bus operator and owner of the Melbourne SkyBus airport shuttle.

Street Talk understands the UBS and Azure Capital-advised private equity giant and Kinetic exchanged contracts overnight at a valuation north of $4 billion.

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has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au
is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com

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Original URL: https://www.afr.com/street-talk/australia-s-largest-bus-operator-kinetic-trades-to-private-equity-for-4b-plus-20251104-p5n7io