KKR will acquire New Zealand bus company Ritchie Transport for 347 million.

Global investment firm KKR plans to acquire the New Zealand bus and coach company with 86-year-old Heritage Transport. The terms of the deal have not been disclosed, but sources familiar with the matter say the deal costs Ritchie more than 7 347 million (NZD 500 million).

On Thursday, the two companies signed final agreements under which KKR will acquire Ritchie, marking KKR’s first infrastructure investment in New Zealand. The acquisition of the bus company, which currently has more than 1,600 vehicles and 42 depots across the country, will help it carry out its mission, KKR said. Solution.”

New Zealand is still a largely ICE-fueled nation, but it has power projects. The government now calls on all its agencies and ministries to electrify fleets over the next five years, with the aim of de-carbonizing public transport, which is largely dependent on buses until 2035. ADL electric buses that have taken it to the streets of Auckland.

Andrew Jennings, director of KKR’s infrastructure team, said in a statement that the Rutchie buses would represent “a very visible opportunity to encourage the adoption of zero emission technology” as New Zealand is offered a “higher quality, greener public”. Demand for transportation solutions continues. “

KKR told TechCrunch that it has a plan to help creators electrify its fleet, and that the firm has made global progress in the areas of sustainable transportation, and that It will use these experiences to move the country forward as it moves towards zero emissions.

The investment comes from KKR’s Asia Pacific Infrastructure Fund. The transaction is still subject to OIO approval, which KKR says is expected within four to five months. Once the contract is completed, the Richie family will continue to share in the company, and current Director of Operations Andrew Richie will be appointed CEO of the company as current CEO Glenn Richie is retiring.

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