Global law firm Ashurst has advised Foresight Group in relation to the sale of 70% of Kinetic, the largest bus operator in Australasia, to TPG's Rise Climate Fund, valuing the business at over $4 billion. Foresight retained a 30% stake in Kinetic.
Kinetic is Australasia's largest mass transit operator, delivering urban, regional and specialist transport services across Australia, New Zealand and the UK. With more than 12,000 buses, 400 trains, and over 36,000 employees worldwide, Kinetic plays a significant role connecting communities and advancing the transition to zero-emission public transport. The transaction involved a complex 18-month global auction process and the agreement is subject to regulatory approvals.
Ashurst partner Nigel Deed said: "We are pleased to have supported the Foresight Group with its initial investment and sell down in the Kinetic. Kinetic remains at the forefront of the decarbonisation of the transport sector and is well placed to continue driving the transition to zero-emission public transport globally."
The Ashurst team was led by Nigel Deed and included: partners Anita Choi, Christy O'Connell, Isabelle Lentz and Helen Burton; counsel Katherine Williams; senior associates David Donaldson, Bill Lo and Timothée Gras; and lawyers Gerard McGookin and Rosie Swanborough.
