MinterEllison advises on $635m+ acquisition of Transit by SeaLink

2 minute read  08.10.2019

MinterEllison is advising Transit Systems Pty Ltd (Transit Systems) and its shareholders (TS Shareholders) on the sale of Transit Systems, Tower Transit Group Ltd (Tower Transit) and their broader group of entities (Transit Systems Group), to SeaLink Travel Group Limited (SeaLink) for an enterprise value of A$635 million plus an earn-out component of up to A$63 million.

Transit Systems is Australia’s largest private operator of metropolitan public bus services. Commencing operations in Perth over 20 years ago, Transit Systems Group has approximately 6,700 employees operating over 3,100 buses across Australia, Singapore and London.

Following completion of the transaction the TS Shareholders and shareholders of Tower Transit will become substantial holders of shares in SeaLink.

The current Transit Systems Group CEO, Clint Feuerherdt, will become SeaLink Group CEO and Neil Smith, one of the founding shareholders and current Chairman of Transit Systems Group, will join the SeaLink board of directors as a non-executive director.

MinterEllison is advising Transit Systems and the TS Shareholders on all Australian law aspects of this multi-jurisdiction transaction.

"Our team at Transit Systems have worked closely with MinterEllison for many years on a number of key and complex transactions. We are delighted to have their assistance throughout this very important step in our future," said Clint Feuerherdt, Transit Systems Group CEO.

"It is a privilege to work alongside Transit Systems, its management and the TS Shareholders as a trusted adviser for this very important transaction," said Steven Grant, MinterEllison Special Counsel.

The MinterEllison team was led by Steven Grant (Special Counsel) and Andrew Rentoul (Partner).

For media enquiries, please contact:

Charlotte Juhasz
Director, Corporate Communications & Media
M +61 408 837 975

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https://www.minterellison.com/articles/minterellison-advises-transit-systems