OPTrust, Catalyst consortium acquires Australia's SkyBus

According to The Australian, the deal was valued at around A$50-100 million ($47-94 million). The company's managing director Simon Cowen will retain a significant equity interest and stay on as a non-executive director as part of the transaction.

SkyBus operates the express route bus service between Melbourne Airport and the CBD under a concession granted by Public Transport Victoria.

"This transaction will provide a step-change in the rate of growth and innovation in our business," Cowen said in a statement. "It enhances our capacity to expand our services and operations."

The deal - which is expected to be completed within the next three weeks - comes a year after OPSEU Pension Trust (OP Trust) opened a new office in Sydney, to focus on infrastructure and private equity investments across Asia. It is targeting private equity investments of A$20-75 million and infrastructure deals of A$50-250 million.

Stan Kolenc, managing director with OPTrust, stated that the latest acquisition was in line with this strategy.

OPTrust manages one of Canada's largest public pension plans, with $16 billion worth of assets under management. It launched OPTrust in 2006 to meet the plan's long-term allocations to private equity and infrastructure of 15% for each asset class.

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• Topics
• Infrastructure
• North America
• Australasia
• Infrastructure
• Ontario Municipal Employees Retirement Scheme
• Australia
• Canada
• Direct investment