$125 million acquisition will boost SeaLink fleet from 27 to 60 vessels.
SeaLink Travel Group has just announced the $125 million purchase of Transit Systems Marine, the company which operates passenger and vehicular ferry services in south-east Queensland and Gladstone, including the Stradbroke Ferries operation.
SeaLink md Jeff Ellison said the deal was a major opportunity for the company to crystalise its growth strategy following its successful ASX listing in 2013.
“It also reinforces our position as the leading provider of marine fery services in Australia and will be transformational for the company,” he said, with the deal significantly enhancing SeaLink’s ability to compete for large-scale marine transport business opportunities in Australia and overseas.
Transit Systems Marine operates 33 vessels at Gladstone, Southern Moreton Bay Islands and North Stradbroke Islands. It runs contracted and non-contracted passenger and vehicle ferry services to Curtis Island and Moreton Bay Islands and holds a government contract to operate the Moggill Ferry on the Brisbane River.
The vendors of Transit Systems will acquire $8 million of SeaLink shares, with the overall purchase supported by a $40 million placement to professional and sophisticated investors and a non-underwritten Share Purchase Plan for existing shareholders.
More information in today’s issue of Travel Daily.