ComfortDelGro Corporation have bought a bus and coach operator in South Wales for $18.7 million.
ComfortDelGro Corporation are expanding their UK portfolio with the acquisition of New Adventure Travel (NAT) Group, a bus and coach operator from South Wales for $18.7 million.
The acquisition of the group was conducted through its own owned subsidiary, Braddell Limited and the purchase price is said to be 5.5 times the EBITDA (earnings before interest, taxes, depreciation and amortisation) of New Adventure Travel.
ComfortDelGro currently has a small presence in the UK, operating a fleet of 1,700 vehicles through London with another one of their wholly-owned subsidiaries, Metroline Limited.
Speaking of the purchase, ComfortDelGro's Managing Director and CEO, Yang Ban Seng said: "With the addition of NAT Group, we are broadening our footprint into Wales and expanding the bus operations outside of London which have always been our strategic intent."
He also said that the deal would be financed by internal funds and is not expected to have any material impact on the net tangible assets per share and the earnings per share for the current financial year.