DLA Piper has advised on the acquisition of a significant Australian transport company which operates in Queensland, South Australia and Western Australia.
Corporate M&A partner David Ryan, Brisbane-based transport partner Alex Guy (pictured) and M&A senior associate Horace Wu have advised Keolis Downer on its agreement to acquire Australian Transit Enterprises (ATE) for $163 million.
ATE is one of Australia's largest route, school and charter bus businesses operating a fleet of more than 900 buses in South Australia, Western Australia and Queensland.
The acquisition will further strengthen the Keolis Downer public transport network which is already established in Victoria through Yarra Trams and in Queensland through the Gold Coast Light Rail.
Completion of the acquisition is scheduled to occur in early April 2015.
The acquisition is being funded through an $65 million bank loan from HSBC and shareholder loans from Keolis and Downer.
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