$698m sale of Transit Systems and Tower Transit

2 minute read 21.04.2021

Over many years, we have developed a strong relationship with Transit Systems Pty Ltd, advising on a number of M&A transactions as they have grown to become Australia’s largest private operator of metropolitan public bus services.

MinterEllison advised Transit Systems and its shareholders on the $698 million sale of Transit Systems and London and Singapore bus operator Tower Transit Group Ltd to ASX-listed SeaLink Travel Group Limited.

Comprising a large team across our Australian offices, we advised on all Australian law aspects of this multi-jurisdictional transaction and implemented the transaction as a whole, working alongside advisers from Australia, UK, Singapore, USA, New Zealand and Jersey.

We leveraged our understanding of the businesses, industry, multijurisdictional private and public M&A, finance, and regulatory matters, to deliver outcomes across a 14-month period. The transaction was completed in Adelaide in January 2020 against a backdrop of bushfires and the emerging COVID-19 pandemic.

The end result has delivered many positive and lasting impacts. For the Transit shareholders, the transaction allowed each shareholder to have varying interests in the merged business as significant shareholders, a director and CEO, while pursuing other business activities and private objectives including significant international philanthropic projects. SeaLink has performed well since the merger and continued to provide essential transport services in a difficult environment.

SeaLink is ‘dedicated to connecting people, linking communities, sharing experiences, and creating brilliant memories’ which aligns well with our Purpose. We look forward to seeing what the future holds for SeaLink and its shareholders.