Gilbert + Tobin is pleased to announce its role in advising the Mandated Lead Arrangers, Underwriters and Bookrunners, a major Australian bank and United Overseas Bank Limited, on financing the successful bid by Singapore-listed Keppel Infrastructure Trust (KIT) over the acquisition of a 97.68% stake in the Ventura Group.
The deal involved several areas of complexity, including due diligence in respect to existing financing arrangements and key government bus contracts, security and enforcement structuring in relation to a pool of assets including approximately 900 buses and 12 depots; and intercreditor arrangements with the State of Victoria which had a first ranking security over certain buses assets and buy-back arrangements in respect to the buses.
Gilbert + Tobin were responsible for advising the mandated lead arrangers, underwriters and bookrunners on all aspects of the transaction, including in the structuring, documentation, and execution of the Facilities.
The Ventura Group operator holds the largest market share of public bus services in Victoria, operating around 530 of Melbourne's approximately 1,200 routes.
The G+T team was led by Banking Partner Stuart Cormack , with support from lawyers Daniel Wangatau and Catrina Chen.
Stuart commented: “We are very proud to have assisted our clients on this important acquisition. We look forward to seeing the continued success and growth of the Ventura Group under KIT’s management.”
