Ashurst ADTLaw has advised ComfortDelGro Corporation Limited ("CDG") on its acquisition from ST Engineering Land Systems Ltd ("STLS") of all of STLS' shares in CityCab Pte. Ltd. ("CityCab"). The total consideration of the acquisition is S$116.3 million.
CDG is one of the largest land transport companies globally, operating in 13 countries. It is also the largest taxi operator in Singapore and has major presence in public bus and rail through its subsidiary SBS Transit. CDG is listed on the mainboard of the Singapore Exchange.
CityCab is a taxi operator in Singapore and was initially a joint venture between CDG and ST Engineering. Following the acquisition, CityCab has become a wholly-owned subsidiary of CDG.
The team was led by Tao Koon Chiam (Head of M&A, Southeast Asia).
