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Highlights:
- Transportation group Kelsian has signed an agreement to acquire bus service provider Horizons West.
- Horizons mainly offers bus hire and coach charter services to schools, universities, etc.
- The acquisition is expected to be completed by the end of 2022 or the beginning of 2023.
Australian transportation company Kelsian Group Limited (ASX:KLS) signed a binding agreement to acquire Horizons West Bus and Coachlines for an enterprise value of AU$23.4 million plus a contingent. In addition, the company will also acquire two depots owned by Horizons for AU$16.7 million.
Kelsian states that it will acquire Horizons West through its 100% owned subsidiary WA Bus and Coachlines Pty Ltd. It expects the entire acquisition to cost around AU$1.6 million and to be funded through the company’s existing cash reserves.
The acquisition is expected to be completed by late 2022 or early 2023.
Kelsian said in a statement that it will continue its focus on maintaining the existing levels of service for Horizons West clients.
Meanwhile, Kelsian’s shares were spotted trading last at AU$4.540 apiece, down by 1.943% at 3:45 PM AEDT on Friday (28 October 2022).
About Kelsian:
Kelsian Group Limited is the largest integrated multimodal transport service provider and tourism operator in Australia. The company runs an established bus service in Singapore, London, and the Channel Islands.
About Horizons West:
Horizons West is a renowned transportation company located mainly in the Perth metro area. The company is known for offering bus hire and coach charter services to the education sector. Horizons’ customers include schools, universities, and government. With an employee strength of 157, the company operates a bus fleet of 138 buses from two depots.
At present, Horizons operates 21 contracts for the Government of Western Australia. The company offers its services to over 400 schools and universities across Australia.
