August 13, 2014
Iwi giants on the same bus
Ngai Tahu Holdings Corporation and Tainui Group Holdings are getting into the bus business.
They have teamed up to buy one of New Zealand's leading passenger transport businesses, Go Bus, from Australian private equity firm Next Capital.
Go Bus has depots from Auckland to Invercargill and runs metropolitan urban routes, providing school bus services, and charter operations.
Tainui Group Holdings chief executive Mike Pohio says it has a strong regional presence and is well placed to grow nationally.
He says the business will fit well with the existing portfolios of the two iwi corporates.
"In terms of risks we feel that they are exceptionally well managed with an outstanding management team and the relationships and how this business is run stands out to us as a strong attraction from an investment point of view." he says.
Mike Pohio says the purchase price is confidential, but Tainui has a one third stake and Ngai Tahu the balance
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