March 16, 2020
Iwi sell Go Bus
Ngāi Tahu and Tainui have rung the bell on their bus business.
Ngāi Tahu Holdings and Tainui Group Holdings have agreed to sell Go Bus to Melbourne-based Kinetic, the operator of Auckland's Kinetic SkyBus and 177 other passenger transit services across Australasia.
It is majority-owned by OPTrust, one of Canada's largest defined benefit pension plans, meaning the purchase is subject to Overseas Investment Office approval.
Ngāi Tahu Holdings chair Mark Tume says his company's share of the sale price will strengthen its balance sheet so it can take advantage of new opportunities.
Tainui Group Holdings chair Sir Henry van der Heyden says the partnership with Ngāi Tahu created value for their respective shareholders.
The company added new route and vehicles while in iwi ownership, and introduced electric vehicles in some parts of the market.
Copyright © 2020, UMA Broadcasting Ltd: www.waateanews.com