ComfortDelGro expands Down Under with 2 large acquisitions
Singapore-listed transport giant ComfortDelGro Corp has enlarged its footprint in Australia. Through its 51 per cent owned subsidiary, ComfortDelGro Cabcharge, the group is acquiring two of the largest private regional bus companies operating in Canberra.
The proposed A$53 million (S$69.4 million) acquisition of Deane's Bus Lines Pty Ltd and Transborder Express - both of which are part of Deane's Transit Group (DTG) - will further increase ComfortDelGro Cabcharge's (CDC) presence in the Australian land transport industry. CDC, which is a joint venture between ComfortDelGro and Cabcharge of Australia, also operates bus services in New South Wales and Victoria. Separately, ComfortDelGro also operates taxi services in Perth, Western Australia.
ComfortDelGro group chief executive Kua Hong Pak said: "Since we entered the Australian market in 2005 through the acquisition of Westbus, we have experienced strong revenue and demand growth. Australia's strong economy and continued population growth has translated into ever-growing demand for transport services.
"We remain excited about prospects - not just in the cities we are in but in new regions as well."