Australian travel and tourist firm SeaLink Travel Group said on Tuesday it will acquire bus operator Transit Systems Group for an enterprise value of A$635 million ($427.48 million), in a move to help the firm tap international markets.
The acquisition also includes a A$63 million earn-out component, based on Transit’s FY20 earnings.
Transit, Australia’s largest private operator of metropolitan public bus services, also operates in London and Singapore.
SeaLink, which caters to over 8 million travelers annually, plans to partly fund the acquisition by raising A$154 million through a placement and an entitlement offer.
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