Media Statement - Transit Australia Group shareholders reach sale agreement
The shareholders of mobility specialist Transit Australia Group (TAG) today announced an agreement to sell the business to the Australian/NZ bus operator AATS Group, the owner of Australasia’s premier airport mass transit operator, SkyBus.
The sale of TAG represents Australia's largest ever bus transaction.
The sale of TAG encompasses leading urban mass transit companies Surfside Buslines and Sunbus which deliver bus services across the Gold Coast and northern NSW regions and Sunshine Coast, Rockhampton, Townsville and Cairns respectively.
SkyBus currently employs over 500 Australians and has operated for 40 years with services at five (5) airports in Australia and NZ, including Victoria, Tasmania and the Gold Coast.
AATS is owned by the Canadian pension fund OPTrust and senior management. OPTrust invests and manages one of Canada’s largest public pension plans and has approximately A$20 billion in assets under management.
TAG and its shareholders were advised by UBS AG and Herbert Smith Freehills. AATS Group and its shareholders were advised by Morgan Stanley and King & Wood Mallesons.