Keppel Infrastructure Trust (SGX:A7RU) agreed to acquire 98.6% stake in Ventura Motors Pty. Ltd. from the family for an enterprise value of AUD 600 million on February 5, 2024. The EV/EBITDA is of approximately 7.9 times.

Andrew Cornwall will retain a minority stake in the business. As part of transaction, KIFM intends to fund the investment with an optimal combination of internal sources of funds, equity and/or debt capital market issuances and/or external borrowing. Andrew Cornwall, Managing Director of Ventura will remain on as Chief Executive Officer.

The transaction is subject to the conditions precedent, including approval from the Australian Foreign Investment Review Board and consent from the Head, Transport for Victoria. The deal is expected to be completed in 2Q 2024. The Goldman Sachs Group, Inc. (NYSE:GS) acted as afinancial advisor to Ventura Motors Pty.

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