Australian private equity firm Next Capital has finalised its deal to buy the NZ Bus business from Infratil in a deal that values the business at between $NZ145 million ($136m) and $NZ165m ($155m).
It comes after Infratil (IFT) launched a strategic review of the business last year.
Infratil said the final consideration reflected the challenging environment the business had operated in over the last eight months and Infratil’s midpoint estimate of the earn-out component outcome.
The acquisition is the eighth and final investment in Next Capital’s Fund III and comes as the company moves to sell its Onsite Rentals mining services business through BAML, Macquarie Capital and Moelis.
UBS advised Infratil on the NZ bus sale while Marry & Co advised Next Capital.
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